Krystal Dale - Crippen

IRS Increases 2023–2024 Per Diem Rates for Business Travelers

Posted on October 1, 2023 (October 6, 2023)

The Internal Revenue Service has recently published its annual notice, Notice 2023-68, providing the updated 2023-2024 special per diem standard rates which taxpayers can use when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home (for lodging, meals and incidentals). While some of the special per diem rates are […]

IRS Electronic Filing Mandate Starting 2024

Posted on September 19, 2023

Effective January 1, 2024, businesses with large cash transactions must electronically file Form 8300 when receiving cash payments of $10,000 or greater. This new requirement was recently issued in news guidance IR-2023-157 by the Internal Revenue Service. Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single […]

IRS Extends a Roth Catch-Up Requirement

Posted on August 31, 2023 (August 31, 2023)

As the Wall Street Journal pithily summarizes it, “Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement.” The IRS has announced an administrative transition period that extends until 2026 […]

Prepare for the TCJA Sunset — If You Can

Posted on August 21, 2023 (August 21, 2023)

The Tax Cuts and Jobs Act largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White House and who has control of the House and Senate at that time. Before you start planning, glean some understanding of what the TCJA does and […]

Summertime Tax Scams Surging. IRS Urges Extra Caution.

Posted on July 18, 2023 (August 3, 2023)

Another day, another scam to be on the lookout for. The IRS recently issued warning notice IR-2023-131 that addresses what to do if any tax-related correspondence is received promising tax refunds or to “fix” tax problems, to be extremely wary and don’t open them. The IRS will never initiate contact with taxpayers by email, text […]

Corporate Transparency Act: Does It Affect You?

Posted on July 1, 2023 (July 27, 2023)

Starting on Jan. 1, 2024, some companies will have to report certain information about their ownership. Which companies and which information? That’s where it can get confusing. You have to delve into the Corporate Transparency Act. According to the government’s Financial Crimes Enforcement Network site, CTA “establishes uniform beneficial ownership information reporting requirements for certain […]

Deadline to file 2019 tax return is July 17th, 2023.

Posted on June 16, 2023 (June 21, 2023)

The Internal Revenue Service recently announced that they currently have a whopping estimate of $1.5 billion dollars in unclaimed refunds for tax year 2019. This calculates for nearly 1.5 million people across the nation that may have qualified for a refund but did not file a federal income tax return. Time is of the essence […]

“Going Green” could help taxpayers qualify for expanded home energy tax credits.

Posted on May 30, 2023 (June 21, 2023)

The Internal Revenue Service is encouraging taxpayers to consider the incentives being offered by investing in energy-efficient products and services. By making certain energy efficient improvements to one’s residence, it could aid with qualifying for home energy tax credits which not only assist with the cost of energy-saving improvements but also can lower your cost […]

IRS Announces HSA Limits for 2024

Posted on May 19, 2023 (May 19, 2023)

In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: For calendar year 2024, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage, and for which the […]

IRS postpones tax deadline for eligible Florida storm victims

Posted on May 2, 2023 (May 19, 2023)

The Internal Revenue Service recently announced that they have postponed the tax filing deadline date to August 15th, 2023 for eligible storm victims in Florida. They are offering this relief to the designated disaster areas declared by the Federal Emergency Management Agency (FEMA) on April 27th, as a result of severe storms, tornadoes and flooding […]

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Author: Krystal Dale

Posts by Krystal Dale