5 scams to watch out for in 2023
These are 5 scams to watch out for in 2023, according to a consumer protection expert https://cnb.cx/3Y1yaVS
Read More 5 scams to watch out for in 2023Early withdrawal penalties upheld by Tax Court
At tax time, age matters. Taxpayers who take distributions from their retirement accounts before age 59½ will generally owe a penalty of 10% of the amount. Exceptions exist, such as the need to pay documented medical bills (within statutory limits). One taxpayer, a software developer under age 59½, took a distribution after losing his job. […]
Read More Early withdrawal penalties upheld by Tax CourtPayment date for Backup withholding approaching
The due date for paying and reporting backup withholding is almost here, reminds the IRS. Businesses and other payers that were required to withhold tax from certain payments in 2022 to meet backup withholding requirements must report the amounts by filing Form 945 by Jan. 31, 2023. Payers that made all federal deposits in full […]
Read More Payment date for Backup withholding approachingState Tax Policy as an Inflation Response
State Tax Policy as an Inflation Response https://bit.ly/40ra6gL
Read More State Tax Policy as an Inflation ResponseTax Court ruling allows an Engineering Company to take deduction in an unusual case
Recently, the Tax Court ruled that an engineering company that installs energy efficient commercial building property (EECBP) qualified for a deduction. The company asserted it was entitled to a Sec. 179 deduction for the cost of installing EECBP in a Veterans Affairs (VA) hospital. In the absence of Congressional regulations, the court found that the […]
Read More Tax Court ruling allows an Engineering Company to take deduction in an unusual caseIRS launches Information Return Intake System for 1099s
On Jan. 23, 2023, the IRS launched the Information Returns Intake System (IRIS) to help taxpayers electronically file Forms 1099. Although individuals, businesses of all sizes, not-for-profits, government agencies and third parties can all use IRIS, the new portal is expected to benefit small businesses in particular. The service is free, and taxpayers can upload […]
Read More IRS launches Information Return Intake System for 1099sSummary of the Latest Federal Income Tax Data
Summary of the Latest Federal Income Tax Data, 2023 Update https://bit.ly/3XXbeaa
Read More Summary of the Latest Federal Income Tax DataVirtual 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, […]
Read More Virtual currencies are now digital assets and still require reporting to the IRSIRA 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 […]
Read More IRA impact on the IRSHow 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 […]
Read More How the new SECURE 2.0 law may affect your business
