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 […]
IRS Focusing on Technology & Staffing in 2023 Read More »
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 that will impact younger people who are saving for retirement in the future. Financial planners typically say that Americans need at least $1.25 million to
Retirement Saving Changes in 2022 Funding Bill Read More »
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.
Changes Impacting Those Facing Retirement in 2023 Read More »
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
Many Gig Economy Workers Will Receive a Form 1099-K This Year Read More »
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
Criminal Investigation Report Released by IRS Read More »
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
Path to Clean Energy Economy Outlined by Treasury Read More »
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
New Procedures to Resolve S Corporation and QSub Election Read More »
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
What Should the IRS Do With New Funding? Read More »
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 The special M&IE rates for taxpayers in the transportation industry are: $69 for any locality of travel in the continental United States $74 for any
2022-2023 Per Diem Rates Increase Read More »
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
Social Security Wage Cap and Benefit Amounts Increase for 2023 Read More »
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 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.
2023 Inflation Adjustments for Pension Plans & Retirement Accounts Read More »
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 inflation-adjusted tax brackets, plus more than 60 other tax provisions, which may provide some tax relief in 2023. 2023 Income Tax Brackets For 2023,
Getting Ready for 2023 Taxes Read More »