Archive for the ‘2023 Tax Season’ Category.

Requested an Extension? Avoid Last-Minute Filing

Protax reminds client taxpayers that the have until October 16, 2023 to file their 2022 US income tax returns, new fraud scams, tax breaks for kids, overdue taxes and revised RMD IRS dates. Did you request an extension to file your tax return after the standard April 18, 2023, deadline? ...

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The IRS alerts taxpayers of suspected identity theft by letter

The IRS reminds us under Tax Tip 2023-74 that after filing your 2022 US income tax return taxpayers can receive anyone of four (4) different types of IRS Theft ID letters, requiring them to follow a certain set of instructions prior to their tax returns being processed. Scammers sometimes...

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IRS reminds U.S. taxpayers living and working abroad to file their 2022 tax return by June 15

The IRS reminds us under IR 2023-106 that American taxpayers who reside outside the US on April 18, 2023 have an automatic two month extension to June 15, 2023 to file their 2022 US income taxes. In addition taxpayers may still file Form 4868 to request an automatic six month extension to ...

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Reporting foreign income and filing a tax return when living abroad

The IRS reminds us under Tax Tip 2023-36 that American taxpayers that they must report and pay US income tax on their worldwide income, and can use the Foreign Earned Income Exclusion found on Form 2555 and the Foreign Tax Credit found on Form 1116 to reduce or eliminate their US income ta...

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Taxpayers should know that an extension to file is not an extension to pay taxes

IRS reminds us in Tax Tip 2023-30 that for taxpayers that cannot file their 2022 US income tax returns by the April 18, 2023 deadline they may extend their 2022 filings to October 16, 2023 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the payment pen...

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IRS: Updates to question on digital assets; taxpayers should continue to report all digital asset income

The IRS reminds taxpayer though IR-2023-12 that for the 2022 tax filings in 2023 once again the IRS has again changed the question on the Form 1040 re ‘Virtual Currency’ dabbling, renaming it to ‘Digital Assets’ and defining what a Digital Asset is and when a taxpayer should check ...

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IRS reminds employers of Jan. 31 deadline for Form W-2, other wage statements

The IRS announces that have until Tuesday, January 31, 2023 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 a...

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IRS sets Jan. 23 as official start to 2023 tax filing season; more help available for taxpayers this year

The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of ...

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CPAs rev up for a new tax season

CPA’s face extraordinary challenges for the 2023 US tax season period, although gone are the EIP payments and advanced Child Tax Credit payments…the lower filing threshold for Form 1099-K was postponed, but then there was the midyear 6/30/22 standard mileage rate change, for 2022 retur...

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2023 brings lots of new to the IRS while keeping one problem: backlogs

2023 brings a year of increased IRS funding, under the $80 billion that Congress budgeted for the IRS to spend over the next decade as part of the Inflation Reduction Act. But problems abundant, lack of staffing, inadequate telephone staffing and a huge IRS backlog of 2021 tax returns pres...

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IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

The IRS announces with IR-2022-234 2023 tax season standard mileage rates for business, medical, moving and charitable purposes. Up slightly from the last six month rise for 2022. The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the dedu...

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IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

The IRS announces with IR-2022-226 announces a temporary delay for the 2023 tax season for the 2022 tax year on the reporting of third party payments- including Venmo, PayPal and CashApp- on Form 1099-K for transactions of in excess of $600. As a result the old threshold of more than 200 t...

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There’s more to determining filing status than being married or single

The IRS explains with Tax Tip 2022-182 that our filing status is determinate on December 31 of each tax year, and a description of each filing status! The tax consequences of your filing status and how to determine if you are filing Single, Married Joint or Separate, Head of house or Quali...

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Taxpayers should review the 401(k) and IRA limit increases for 2023

The IRS once again reminds taxpayers in Tax Tip 2022-178, as they did with IRS Notice 2022-55 through IR-2022-188 issued November 21, 2022 of the upcoming 2023 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and ...

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401(k) Limit Increases To $22,500 For 2023, IRA Limit Rises To $6,500

As is usual this time of the year the IRS under Notice 2022-55 through IR-2022-188 advises the tax practitioner community and taxpayers of the upcoming 2023 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and D...

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IRS Provides Tax Inflation Adjustments For Tax Year 2023

As is usual this time of the year the IRS under Revenue Procedure 2022-38 using IR-2022-182 advises the tax practitioner community and taxpayers of the upcoming 2023 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, ...

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Service providers, others may receive 1099-Ks for sales over $600 in early 2023

The IRS reminds taxpayers in IR-2022-189 that starting January 1, 2023 earning income from selling goods and/or providing services that they may receive Form 1099-K will be issued for third party payment network transactions of a single transaction exceeding $600, from Payment Card and Thi...

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Social Security Wage Base, COLA Set For 2023

Here we go the IRS announces the Federally indexed Social Security Wages base for 2023, both OASDI which goes to $160,200 from $147,000 or a max of $9,932.40 in tax and Medicare which has no wage base limit. Individual taxable earnings of up to $160,200 annually will be subject to Soc...

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ABLE Accounts Can Help People With Disabilities Pay For Disability-Related Expenses

The IRS reminds us that we can contribute for 2023 up to $16,000 to a ABLE (Achieving a Better Life Experience) account, including rollovers from the same beneficiaries 529 College Savings plan tax free, where qualified disability expenses (QDE) may be withdrawn tax free!  QDE generally...

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Inflation Boosts HSA Amounts For 2023

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2023 H.S.A. Contribution limits for the upcoming 2023 (done in 2022) tax year. This year affected by =the high inflation numbers. The maximum contribution to a health savings acc...

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