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Problem loading page. Problem loading page. Problem loading page. Interest Rates for Q2 2023 Are Announced by the IRS - IRS - Direct deposit of refunds is now an option for taxpayers who electronically file amended returns. - IRS – Direct deposit of refunds is now an option for taxpayers who electronically file amended returns. Tax blog February 17, 2023 For the first time, anyone e-filing Form 1040-X can select direct deposit and enter their banking information for a faster refund. The IRS announced on February 9 that anyone who electronically files an amended individual income tax return can now decide to have any resulting refund deposited into their bank account. Taxpayers who filed Form 1040-X, Amended U.S. According to the IRS, taxpayers submit a total of 3 million amended returns annually. The IRS Acting Commissioner Doug O’Donnell said in a statement that this is a significant victory for taxpayers and another accomplishment as we transform the IRS to enhance taxpayer experiences.

Following upgrades to IRS technology systems, the IRS started accepting Form 1040-X electronically in 2020 but did not yet provide a direct deposit as a refund option. Using the online “Where’s My Amended Return?” Leave a Reply. Problem loading page. IRS aims to launch a tip reporting program for the service sector - Since June 2022, the US housing market has declined by 2.5 percent. -

Since June 2022, the US housing market has declined by 2.5 percent. Tax blog February 10, 2023 The rise in mortgage rates last year froze the housing market, resulting in the greatest yearly decline in sales of previously owned homes in more than a decade. The US housing collapse has now entered its fifth month, with a measure of prices down 2.5% from their peak in June.

According to S&P CoreLogic Case-seasonally Shiller’s adjusted national pricing statistics, prices declined 0.3% in November compared to the previous month. The rise in mortgage rates last year froze the housing market, resulting in the greatest yearly drop in sales of previously owned homes in more than a decade. This has put downward pressure on costs, particularly in areas of the country like San Francisco, where affordability was already stretched. Prices are still higher than a year ago, as homeowners reap the benefits of a protracted housing boom that surpassed records in many places in the United States. Leave a Reply. Problem loading page. Problem loading page. Problem loading page. Tax Credit and Deduction Reform Could Reduce Refunds or Raise Taxes in 2023 - Tax Credit and Deduction Reform Could Reduce Refunds or Raise Taxes in 2023 Tax blog February 6, 2023 Certain child and dependent tax credits have been cut, and the charitable deduction that some taxpayers took advantage of during the epidemic years is no longer as simple to claim.

The IRS began taking tax returns in late January, and if you were hoping for a larger tax refund—or, at the very least, a lower tax bill—in the new year, several tax law changes affecting the upcoming 2022 tax year filing season may dampen your expectations. To begin with, certain tax benefits for children and dependents have been cut, and the charitable deduction that some taxpayers used during the pandemic years is no longer as simple to claim. Tax Credits Have Been Reduced The child tax credit and the credit for dependent care expenses have both been lowered for 2022, eliminating the increases they obtained under the American Rescue Plan Act of 2021. Charity Transformation The tax laws are very complex. Related. Problem loading page.

The SECURE Act 2.0's salient features for individuals. - The SECURE Act 2.0’s salient features for individuals. Tax blog February 2, 2023 The SECURE Act 2.0 contains a number of significant features that affect individual retirement savers. The following is a summary of various significant changes. It’s finally time for SECURE Act 20. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed in 2019, received a long-awaited improvement on December 29, 2022, when it was officially signed into law.

RMD age increase: In general, participants in eligible retirement plans such as 401(k)s and IRAs must begin taking required minimum distributions (RMDs) when they reach the age of 72. Reduced RMD penalty: If you don’t withdraw an RMD by the due date, you risk a harsh tax penalty equal to 50% of the amount that should have been withdrawn (minus any amount actually withdrawn). Greater catch-up: Payments are permitted under the tax code if you are 50 years of age or older, subject to an annual cap. NextForewordNext related. Problem loading page. Problem loading page. Problem loading page. Problem loading page. A Brief Summary Of Current Tax Issues - 24th January 2023 -

A Brief Summary Of Current Tax Issues - 24th January 2023 - Problem loading page. Problem loading page. IRS reports that the 2023 tax season will begin on January 23. - iFind Taxpro. IRS reports that the 2023 tax season will begin on January 23. Tax blog January 19, 2023 The IRS anticipates receiving more than 168 million individual tax returns this year, the majority of which will be submitted before April 18. The IRS said on Thursday that the 2023 tax filing season will start on Jan. 23, the same day that it will start accepting and processing returns for the 2022 tax year. More than 168 million individual tax returns are anticipated to be filed this year, according to the IRS, with the majority of those forms arriving before the tax filing deadline of April 18. The calendar gives taxpayers three extra days to file their taxes in 2023.

The IRS said the Jan. 23 start date for individual tax return filers provides it time to do annual maintenance and readiness work that is essential to ensuring its systems function properly. Before filing a tax return, taxpayers are urged by the IRS to have all the necessary information. The tax laws are very complex. Team iFindTaxPro. Problem loading page. Most of the $80 billion increase in IRS funding is being repealed by Congress. - iFind Taxpro. Problem loading page. Page not found - iFind Taxpro. This website uses cookies to improve your experience while you navigate through the website.

Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

IRS and Treasury Issue Transitional Instructions for Broker Reporting of Digital Assets - iFind Taxpro. Treasury and the IRS have released interim guidance for the new corporate AMT. - iFind Taxpro. This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. This website uses cookies to improve your experience while you navigate through the website.

This website uses cookies to improve your experience while you navigate through the website. This website uses cookies to improve your experience while you navigate through the website. This website uses cookies to improve your experience while you navigate through the website. IRS Mileage Rate Increases to 65.5 Cents/Mile in 2023. - iFind Taxpro. IRS Mileage Rate Increases to 65.5 Cents/Mile in 2023. Tax blog January 5, 2023 The rate for the second half of 2022 is set at $65.5 per mile driven for business purposes, an increase of 3 cents from the midyear increase.

The optional standard mileage rates for 2023 have been released by the Internal Revenue Service and are used to determine the costs that are deductible when driving a car for work, charity, medical care, or moving. Starting on January 1, 2023, the standard mileage rates for the use of a car (as well as vans, pickups, or panel trucks) for business purposes will be: 65.5 cents per mile driven, an increase of 3 cents from the midyear increase setting the rate for the second half of 2022.For eligible active-duty members of the armed forces, the mileage rate for moving or medical needs is 22 cents, in line with the midyear rate increase planned for the second half of 2022.When driving for charitable organizations, the rate is 14 cents per mile; it is regulated by law and remains.

The IRS has updated its Form 1099-K FAQs. - iFind Taxpro. This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

This website uses cookies to improve your experience while you navigate through the website. This website uses cookies to improve your experience while you navigate through the website. Count on the new per diem rates - iFind Taxpro. Count on the new per diem rates Tax blog January 3, 2023 The government sets a flat rate for certain “high-cost areas” such as New York, Chicago, Los Angeles, and other major cities each year. Employee business travel expenses are frequently scrutinized by the IRS. You can, for example, rely on the “per diem rates” established for government employees. Each year, the rates are updated. Background: Employer-paid reimbursements for business travel expenses, including the cost of meals and lodging, are tax-free for the employees and deductible by the employer if employees properly account for their costs. Employees aren’t even required to disclose the payments on their tax returns, but they still need to provide documentation for the date, location, and business-related purpose of their travel.

The government establishes a flat rate for certain “high-cost areas” such as New York, Chicago, Los Angeles, and other major cities each year. Rates generally fluctuate slightly from year to year. Close. When to Expect IRS Income Tax Refunds in 2023 - Estimates - iFind Taxpro. When to Expect IRS Income Tax Refunds in 2023 – Estimates Tax blog January 2, 2023 Edited: 26th December 2022 This chart depicts an estimated timeline for when a taxpayer will likely receive their refund, based on current information and projections from previous years—and depending on when the individual files their return.

Although it’s way too early to be considering it, here is our annual chart for the top query we receive each year: “When will I get my tax refund?” Although we can never know the precise answer, we can always make educated assumptions based on a few essential elements. But it’s also a good idea to start thinking about taxes now, well before the end of the year, because there’s still an opportunity to take advantage of some strategies that can decrease your tax bill or increase your refund. (If you just want to scroll down, the estimated refund date chart is below.) Will the tax filing season in 2023 be normal? So, here’s the data you’ve been looking for.

Team iFindTaxPro. Thanks to inflation, essentials are much more expensive this holiday season. - iFind Taxpro. The IRS suspends the $600 1099-K threshold rule. - iFind Taxpro. A Brief Summary Of Current Tax Issues – 27th December - iFind Taxpro. Returns from e-commerce can eat into your profits. - iFind Taxpro. The $600 Threshold for 1099-K Reporting, according to the AICPA, is too little and out-of-date - iFind Taxpro. The Internal Revenue Service has issued guidance on the new Sustainable Aviation Fuel Credit. - iFind Taxpro.

The IRS advises early filers to postpone their filing until 2023. - iFind Taxpro. The IRS has issued new rules for manufacturers and sellers of clean vehicles. - iFind Taxpro. The deadline for Real ID has been extended until 2025. - iFind Taxpro. A psychiatrist was sentenced to 18 months in prison for tax evasion - iFind Taxpro. IRS Still Seeking Syndicated Conservation Easements After Tax Court Loss - iFind Taxpro. The IRS has updated its FAQ on the Unemployment Compensation Exclusion. - iFind Taxpro. With increased Social Security benefits the following year, some seniors' tax burdens may increase. - iFind Taxpro. The IRS warns that tax refunds may be reduced in 2023. - iFind Taxpro. The Internal Revenue Service has raised interest rates for the first quarter of 2023. - iFind Taxpro.

Reasons to Consider Postponing Retirement. - iFind Taxpro. A Brief Summary Of Current Tax Issues – 2nd November - iFind Taxpro. Small Business Clients Are Better Prepared for Audits With Good Documentation - iFind Taxpro. Are you thinking about putting cryptocurrency in your 401(k)? Consider This Once - iFind Taxpro. Product Philanthropy Allows Retailers and Manufacturers to Deduct Taxes - iFind Taxpro. The Tax Court Rules Case of "He Said, She Said" - iFind Taxpro. Accountants' phones are ringing more frequently as a result of financial concerns. - iFind Taxpro. Retirees Should Plan for Significant Changes in Social Security Benefits in 2023. - iFind Taxpro. Mortgage interest rates fell in early November. - iFind Taxpro. The Tax Court Sets a Cap on Capital Losses - iFind Taxpro. The Court has blocked Biden's Student Loan Relief Plan indefinitely. - iFind Taxpro.

The IRS Advisory Council has issued its 2022 Annual Report. - iFind Taxpro. Why Accountants Should Pay Attention to Wealth Management - iFind Taxpro. Some tuition costs may be eligible for a medical tax deduction. - iFind Taxpro. Inflation Slows More Than Expected - iFind Taxpro. Biden names Daniel Werfel as the next IRS Commissioner. - iFind Taxpro. Home improvements may be tax-deductible as medical expenses. - iFind Taxpro. The IRS is seeking public feedback on proposed changes to the UTP form. - iFind Taxpro. What Retirees Should Know About IRA Contribution and Income Limits in 2023 - iFind Taxpro. The IRS Appeals Office has established its priorities for the coming year. - iFind Taxpro. When to Expect IRS Income Tax Refunds in 2023 - Estimates - iFind Taxpro. Accounting Firm Startup Tips - iFind Taxpro. Tax-Smart Ways to Buy Gold - iFind Taxpro.

The Guidelines for New CPA Firms During a Recession - iFind Taxpro. The IRS tax deadline for 2023 is April 18 - iFind Taxpro. A Brief Summary Of Current Tax Issues – 1st November - iFind Taxpro. A Brief Summary Of Current Tax Issues – 1st November - iFind Taxpro. Taxes on Deferred Payroll Are Due Soon - iFind Taxpro. The desirability of cryptocurrency falls - iFind Taxpro. Managing and Increasing Your Clients' Cash Flow - iFind Taxpro. Tax extensions have been granted to Hurricane Ian victims. - iFind Taxpro. The October FBAR Extension Deadline is quickly approaching. - iFind Taxpro. IRS Issues Warning Amid Dramatic Rise in Scam Texts - iFind Taxpro.

Conflicts of Interest: How to Handle Them Correctly - iFind Taxpro. The IRS messed up a lot of child tax credit payments, according to an audit. - iFind Taxpro. In Colorado, cryptocurrency is now accepted as payment for taxes. - iFind Taxpro. Income tax rates for 2023 - Projected - iFind Taxpro. Identifying Your Firm Type to Select the Best Tax Tools - iFind Taxpro. Why Tax Professionals Need a Mindset of Antifragility - iFind Taxpro.

A Brief Summary Of Current Tax Issues - 28th September - iFind Taxpro. How to Build a Scalable Company - iFind Taxpro. The Best Ways to Develop a Relationship with a Client - iFind Taxpro. As a CPA, Now is the Time to Participate in Thought Leadership - iFind Taxpro. Start-Up - Income Tax Deductions - iFind Taxpro. Client Reluctance to Use Advisory Services? How to overcome it! - iFind Taxpro. Talking to your clients about the IRS - iFind Taxpro. What College Students Should Know About Filing Their Taxes - iFind Taxpro. The 2022 Inflation Reduction Act's Key Tax Provisions - iFind Taxpro. The Inflation Reduction Act might expand and broaden energy tax incentives. - iFind Taxpro. Five Higher Education Tax Breaks - iFind Taxpro. Hire the Best Certified Public Accountants | I Find Tax Pro.