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Employees Urged to Use Saver’s Credit In 2023
Eligible workers from low and moderate income groups can still make qualifying retirement contributions and get the Saver’s Credit on their 2022 tax return. Taxpayers have until the due date […]
Treasury & IRS Issue Guidance on Corporate Stock Repurchase Excise Tax
The Treasury Department and the IRS have provided guidance announcing that they intend to issue proposed regulations to address the application of the new one-percent corporate stock repurchase excise added […]
House Rules Could Impact Tax Policy in 2023
With Republicans taking over House of Representatives leadership comes new rules that could have implications on tax policy. Adopted on January 9, 2023 almost exclusively along party lines, are two […]
Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued for 2023
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2023 and the lease inclusion amounts for business vehicles first leased in 2023. Depreciation […]
Standard Mileage Rate Increase for 2023
After the IRS made a rare midyear increase to the standard mileage rate last year, we weren’t sure if we’d see another one for 2023. But good news, the rate […]
IRS Focusing on Technology & Staffing in 2023
We are all ready to move past COVID, including the IRS. “It’s time, as we leave some of those pandemic issues behind us, to focus more on our core mission in […]
Retirement Saving Changes in 2022 Funding Bill
In our last blog post, we talked about changes impacting those that are already retired, or close to taking the plunge. In this post, we will talk about additional changes […]
Changes Impacting Those Facing Retirement in 2023
In late 2022, Congress approved a $1.7 trillion spending bill which included some adjustments that will impact those saving for retirement. Here’s what you need to know. Required Minimum Distribution […]
Many Gig Economy Workers Will Receive a Form 1099-K This Year
Taxpayers who earn in excess of $600 from selling goods and/or providing services could receive a Form 1099-K this year. Before 2022, Form 1099-K was issued for third party payment network […]
Criminal Investigation Report Released by IRS
The IRS-Criminal Investigation (IRS-CI) has released its 2022 Annual Report which is full of statistics, important partnerships and significant criminal enforcement actions. Highlights include 2,550 criminal investigations, more than $31 […]
Path to Clean Energy Economy Outlined by Treasury
Curious how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy? In a recently-issued fact sheet, the Treasury Department highlighted four key areas where […]
New Procedures to Resolve S Corporation and QSub Election
The IRS has released taxpayer assistance procedures to allow S corporations and their shareholders to resolve frequently encountered issues without requesting a private letter ruling (PLR). Correcting S Corporation & […]