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 […]
