Bailey Scarano Blog

2023 luxury auto depreciation amounts

Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued for 2023

Bailey Scarano Blog / By

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 Caps for Luxury Passenger Cars The luxury car depreciation caps for a passenger car placed in service in 2023 limit annual depreciation deductions to: $12,200 […]

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IRS Focusing on Technology & Staffing in 2023

Bailey Scarano Blog, Tax & Money Tips / By

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 appeals, which is the quality resolution of taxpayer cases,” Independent Office of Appeals Chief Andy Keyso said in a recent interview with Federal Tax Daily. “I think

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Changes Impacting Those Facing Retirement in 2023

Bailey Scarano Blog, Tax & Money Tips / By

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 (RMD) Age Increases to 73 RMDs are withdrawals that the IRS requires seniors to take from retirement accounts annually once they reach a certain age.

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Many Gig Economy Workers Will Receive a Form 1099-K This Year

Bailey Scarano Blog, Tax & Money Tips / By

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 transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. However, now, a

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Criminal Investigation Report Released by IRS

Bailey Scarano Blog, Tax & Money Tips / By

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 billion recovered, and a 90% conviction rate.   IRS-CI expanded partnerships with foreign counterparts in 2022 to help combat tax and financial crimes on a

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Solar panel produces green, enviromentaly friendly energy from the sun.

Path to Clean Energy Economy Outlined by Treasury

Bailey Scarano Blog, Tax & Money Tips / By

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 the tax policy will drive clean energy: Providing targeted incentives to drive investment and create opportunity in communities across the country Encouraging clean energy project

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New Procedures to Resolve S Corporation and QSub Election

Bailey Scarano Blog, Tax & Money Tips / By

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 & QSub Election Issues The new procedure addresses issues that generally do not affect the validity or continuation of an S corporation election, or of an

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Tax Forms on top of Money

What Should the IRS Do With New Funding?

Bailey Scarano Blog, Tax & Money Tips / By

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 Yellen and IRS Commissioner Charles Rettig, Chairman Wyden identified, in addition to not increasing the audit rates compared to historic levels for those making less

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W2 tax form and Social Security cards

Social Security Wage Cap and Benefit Amounts Increase for 2023

Bailey Scarano Blog, Tax & Money Tips / By

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 account for inflation.   Wage Cap for Social Security Tax The Federal Insurance Contributions Act (FICA) tax on wages is 7.65 percent each for the

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