Newsletters

IRS launches online portal for filing 1099 forms

POSTED JANUARY 2023

The IRS on Wednesday publicized a new free online tool that businesses can use to file 1099 forms.

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IRS issues standard mileage rates for 2023

POSTED JANUARY 2023

The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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Updates for 2022 Individual tax returns

POSTED JANUARY 2023

In 2022, the IRS issued a broader definition of digital assets, which includes “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology.”

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Extended Time for Estates to File Portability Election

POSTED DECEMBER 2022

The IRS has recently updated their simplified method for a surviving spouse to obtain an extension of time to make a portability election to apply the decedent’s spousal unused exemption (DSUE) amount for estate and gift tax purposes.

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Employee or Independent Contractor: What are the rules?

POSTED DECEMBER 2022

You have hired an individual to perform services for you or your company. So how do you know if that person is now your employee or is an independent contractor?

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New inflation adjusted amounts for 2023

POSTED DECEMBER 2022

Annually, the IRS adjusts many amounts and limitations for inflation. Below are a few of the adjusted amounts for 2023.

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Maximum educator expense deduction rises to $300 in 2022

POSTED SEPTEMBER 2022

As the new school year begins, teachers and other educators will be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.

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Expansion of Crypto Question on Income Tax Form Adds Clarity

POSTED SEPTEMBER 2022

Taxpayers dealing in crypto will need to track their digital assets more closely and now have some clarity on what the IRS wants to know.

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New Legislation

Posted September 2022

Build Back Better was re-named in the Senate as the Inflation Reduction Act (IRA) of 2022. This slimmed-down version of Biden’s tax, climate, and drug price agenda passed the House and was signed by the President in August 2022.

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IRS Increases Mileage Deduction Rate

Posted July 2022

On June 9, 2022, the IRS implemented a mid-cycle increase to the mileage deduction rate for vehicles used for business purposes. The increase to 62.5 cents per mile, up from the current rate of 58.5 cents per mile, will take effect July 1 and remain for the rest of 2022.

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