In IRS IR-2026-37 the IRS reminds taxpayers that April 15, 2023 is the last date to request as refund as related to the 2022 US tax year, where currently more than 1.2 billion in tax refunds lie on the table!!! The Internal Revenue Service today announced that over 1.3 million people across the nation have […]
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? If so, you now have until
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 use stolen Social Security numbers to […]
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 file their 2022 […]
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 tax. Further to […]
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 […]
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 Yes or No! The Internal Revenue […]
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 and other wage statements by Jan. […]
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 those coming before the April 18 tax […]
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 returns once again the IRS has again changed the question on […]
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 present serious challenges to the door […]
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 deductible costs of operating an automobile for business, charitable, medical or […]
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 transactions per year, exceeding […]
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 Qualifying Widower with dependent […]
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 Defined Contribution Plans. The amount individuals can contribute […]
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 Defined Contribution Plans. The Internal Revenue Service announced today […]
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, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec […]
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 Third-Party Network Transactions, for payment card transactions and third-party payment network […]
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 Social Security tax in 2023, […]
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 include: housing, education, transportation, health, prevention and wellness, employment […]
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 account and certain related benchmarks will be […]
