Summary of the Latest Federal Income Tax Data

Summary of the Latest Federal Income Tax Data, 2023 Update https://bit.ly/3XXbeaa

Virtual currencies are now digital assets and still require reporting to the IRS

Are you properly accounting for your “digital asset-related” income? The IRS is reminding taxpayers that they must answer a digital asset question and report all digital asset-related income when they file their 2022 income tax returns. Be aware that the term “digital assets” has replaced “virtual currencies,” a term used in previous years. The question, […]

IRA impact on the IRS

The Inflation Reduction Act (IRA), which was enacted in 2022, included 38 provisions affecting the IRS. The agency estimated that these provisions required creating or revising 24 tax forms, 29 tax form instructions and three publications. In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) assessed the IRS’s development of processes to […]

How the new SECURE 2.0 law may affect your business

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years. SECURE 2.0 is meant to […]

Where’s my check?

Are you expecting a tax refund? With tax season officially underway as of Jan. 23, 2023, the IRS is encouraging taxpayers to streamline tax filing this year by having refunds directly deposited into their bank accounts. Although some people still like to receive a paper check, they should at least consider the advantages of direct […]

Supreme Court declines to review excessive fines case

The U.S. Supreme Court (SCOTUS) has declined to hear a case involving the Excessive Fines Clause of the 8th Amendment. Owners of certain foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) or face penalties, which can be harsh if the failure is “willful.” One taxpayer was assessed a $2,173,703 […]

Why you might want to file early and answers to other tax season questions

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is […]

2023 auto depreciation limits released

A recent IRS revenue procedure provides the depreciation limits for passenger automobiles (including trucks and vans) placed into service in 2023. For vehicles acquired after Sept. 27, 2017, and subject to bonus depreciation, depreciation limits are $20,200 for year one, $19,500 for year two, $11,700 for year three and $6,960 for each year after that. […]

Legislation to change property loss deduction rules introduced

Proposed legislation in the U.S. House would, if enacted, restore the tax deduction for certain property and casualty losses that the Tax Cuts and Jobs Act eliminated through 2025. Julia Brownley (D-CA) introduced the Protecting Homeowners from Disaster Act on Jan. 12, 2023. It would enable uninsured disaster victims to deduct losses even if those […]

New report shows a decrease in CAMs in 2022

The Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public companies […]