2023 Tax Planning – Don’t Wait Until the End of the Year
With kids out of school, summer vacations and other commitments, it’s no surprise that taxes aren’t top of mind this time of year. This is actually a great time to give yourself time to think through your tax situation, and make adjustments well in advance of tax time. Here are just a few items to get the conversation started.
IRS Renews Warnings on Aggressive Employee Retention Credit Claims
Last week, the IRS issued a renewed warning urging business owners to carefully review the Employee Retention Credit (ERC) guidelines before filing claims.
Protect Your Sensitive Information
The beginning of a new year is often a time that people review their financial situations. Tax returns are due, year-end statements come in the mail, and a lot of individuals make financial goals as part of their New Year’s resolutions. As you’re taking stock, consider these simple ways to protect your sensitive personal information.
IRS Addresses EV Credit Matters for 2023
The Clean Vehicle Credit can be worth up to $7,500 for qualifying EVs purchased and put into service on or after January 1, 2023. The Inflation Reduction Act of 2022 was designed to make switching to an electric vehicle less of a financial burden. But, there has been significant confusion around some of the requirements in the new Clean Vehicle Credit.
IRS Delays Implementation of $600 reporting threshold for Forms 1099-K
Third-party settlement organizations like Venmo and PayPal will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount that was enacted as part of the American Rescue Plan of 2021.