The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes. Standard deduction The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, which is up $1,800 […]
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business anywhere in the state of Florida qualify for tax relief. The tax relief postpones various tax filing and payment deadlines that occurred starting on September 23, 2022. As […]
The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan), which states that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs. The PPP loan program was originally established by the CARES Act in […]
The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]
The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount. Who is affected: Generally, these are payments made by the spouse (second taxpayer listed) on a married filing […]
January 1st signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, Venmo, and Zelle and services by which independent contractors like Uber and Lyft received […]
A processing backlog at the Internal Revenue Service (IRS) continues to leave countless taxpayers in the dark about the state of their returns. As of March 4, 2022, the IRS had 7.2 million unprocessed individual returns. This includes 4.2 million unprocessed individual returns, which include tax year 2021 and prior returns with errors and those […]
The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. The new schedules K-2 and […]
Tax Filing Deadline Date Changed for 2022 In 2022, it will be a federal holiday changing the traditional tax filing deadline, not the COVID-19 pandemic. Emancipation Day falls on Saturday, April 16th, but the holiday is observed in Washington D.C. on Friday, April 15th. Because April 15th is a federal holiday, the tax filing deadline […]
With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next […]