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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 & […]
What Should the IRS Do With New Funding?
Senate Finance Committee Chairman Ron Wyden recently shared his expectations for the recently allocated funds from the Inflation Reduction Act. In a letter to Department of the Treasury Secretary Janet […]
2022-2023 Per Diem Rates Increase
The IRS has released the 2022-2023 special per diem rates for taxpayers to use to substantiate certain expenses incurred while traveling away from home. Transportation Industry Special Per Diem Rates […]
Social Security Wage Cap and Benefit Amounts Increase for 2023
For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to […]
2023 Inflation Adjustments for Pension Plans & Retirement Accounts
The IRS recently released the 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions. In general, many of the pension plan limitations will change for […]
Getting Ready for 2023 Taxes
There has been so much talk about high inflation and rising costs, but there may be a small upside. Every year, the IRS makes cost-of-living adjustments (COLAs). In October, they announced the […]
Processing Delays Lead to Pandemic Business Relief Holdups
According to the Treasury Inspector General for Tax Administration, some businesses are still waiting for pandemic relief due to ongoing processing delays at the Internal Revenue Service. According to an […]