This tax move is a game changer

This tax move is a ‘game changer’ for freelancers and gig economy workers, advisor says – CNBC https://cnb.cx/3zkXFGX

Form 1099-K

Previously delayed changes to a key filing requirement have kicked in for 2023. Form 1099-K (Payment Card and Third-Party Network Transactions) is used by businesses to report certain payments they make that exceed minimum levels. Under prior rules, the threshold that triggered the filing of a 1099-K form was $20,000 in payments for goods or […]

The Superfund Excise Tax

In 2021, the Infrastructure Investment and Jobs Act reinstated and modified the lapsed Superfund excise tax for certain hazardous materials. It went into effect July 1, 2022. The IRS has issued proposed regulations for how manufacturers, producers and importers should apply these taxes to “taxable chemicals” and “taxable substances.” Taxable chemicals are contained in the […]

A Short Guide to Property Taxes

Close to Home: A Short Guide to Property Taxes https://bit.ly/3Kl567y

When must you start taking required minimum distributions?

When must you start taking required minimum distributions (RMDs) from your retirement plan? The IRS answers this and other retirement plan questions in recently updated FAQs. It explains that individuals generally must start taking RMDs from traditional IRAs, SEP IRAs, SIMPLE IRAs and retirement plans when they reach age 72, or age 73 if they […]

NY storm tax relief

The IRS has provided tax relief to victims of NY state winter storms and snowstorms that occurred between Dec. 23-28, 2022. Individuals and businesses in the disaster area now have until May 15, 2023, to file various tax returns and to make tax payments. Individuals that reside or have a business in the following counties […]

Facts & Figures 2023: How Does Your State Compare?

Facts & Figures 2023: How Does Your State Compare? https://bit.ly/3G3X0NT

Rent related loss denied

In one case, a married couple wasn’t entitled to deduct a rental-related loss above the amount IRS allowed. During the year in question, the taxpayers rented a basement bedroom in their three-story home to close friend for $300 a month. On Schedule E, they claimed a $30,763 loss on the rental that yielded $3,000 in […]

Fuel Tax Credit fraud increasing

A tax scam to be wary of this tax season is third-party promoters pushing improper Fuel Tax Credit claims. Improper credits continue to be an area of focus for IRS auditors. The Fuel Tax Credit is meant for off-highway business and farming use and, as such, isn’t available to most taxpayers. However, unscrupulous promoters are […]

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 […]