2020 Unemployment tax corrections

The IRS has completed its final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act, enacted in 2021, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified […]

Energy Efficient Home Improvement Credit

The IRS recently updated its FAQs regarding the Energy Efficient Home Improvement (EEHI) Tax Credit. As amended by the Inflation Reduction Act, the EEHI Credit amount increases to 30% of a taxpayer’s cost for certain qualified expenditures made during a calendar year. This includes qualified energy efficiency improvements, residential energy property expenditures and home energy […]

2023 important tax dates for individuals

Florida Storm Relief

Tax relief is being provided for victims of Hurricane Nicole, which began hitting Florida on Nov. 7, 2022. Individuals qualify for relief if they reside in, or have a business in, affected counties in the covered disaster area. This gives them until March 15, 2023, to file certain individual and business tax returns, including quarterly […]

Employer Tax crimes

Employers that withhold taxes from employees and don’t pay them over to the IRS can face severe penalties. They may even wind up in jail. In one case, a Maryland man was sentenced to three years in prison for not paying employment taxes to the IRS on behalf of his companies’ employees. According to court […]

2023 tax calendar

To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2023

Quarterly Tax Estimate Deadline approaching

The deadline to make a final estimated quarterly tax payment for 2022 is Jan. 17, 2023. Many taxpayers who should be paying taxes this way overlook this important task. That’s why the IRS is urging those who paid too little in 2022 to not miss this deadline and possibly avoid a surprise tax bill or […]

Uncertain Tax Positions

A contested new requirement related to uncertain tax positions (UTPs), or how tax positions affect corporations’ income tax liability, will largely remain intact. In October, the IRS announced changes to UTP reporting. But many affected taxpayers and tax professionals objected to the requirement that they would have to cite “authoritative sources” contrary to the positions […]

The standard business mileage rate is going up in 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, […]

NY Storm Tax Relief

Few places suffered more from destructive storms during the 2022 holiday season than Erie and Genesee counties in New York. The IRS has announced tax relief for residents and businesses affected by the storm that began Dec. 23, 2022. They now have until April 18, 2023, to file quarterly excise and payroll tax returns that […]