Taxes April 3, 2023
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Taxes March 31, 2023
New Tax Relief for Emergency Expenses
Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.
Taxes March 31, 2023
New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
Taxes March 30, 2023
AICPA Proposes Operational Plan for Resources Included in Inflation Reduction Act
The AICPA issues its position on the Internal Revenue Service’s (IRS) upcoming operational plan for the $80 billion appropriation provided to the IRS through the Inflation Reduction Act.
Taxes March 29, 2023
Don’t Take Tax Advice from Social Media
The IRS warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations.
Taxes March 29, 2023
Former IRS Worker Guilty of Fraud and Identity Theft
The individual, who was a tax preparer and, at times, an IRS employee, was convicted of several counts of fraud and identity theft.
Taxes March 29, 2023
Internal Revenue Service Employee Charged with Theft of Government Vehicle
If convicted, the person could receive a maximum term of 10 years in prison and a fine not to exceed $10,000.
Taxes March 24, 2023
A SIMPLE Way to Retirement Savings
The required minimum distribution (RMD) rules apply to SIMPLEs. Beginning in 2023, the new law increases the age threshold to 73, up from 72 under the initial SECURE Act.
Taxes March 24, 2023
IRS Gives Some New York Taxpayers and Businesses Until May 15 to File and Pay Taxes
Taxpayers and businesses in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties qualify for tax relief.
Taxes March 24, 2023
Is IRS Customer Service Improving? Janet Yellen Says Yes
The Treasury secretary told lawmakers the IRS is meeting its goal of answering 85% of taxpayer calls this tax season.
Taxes March 23, 2023
IRS Sets Initial Guidance on NFTs
The IRS and the Treasury Department are leaning toward treating NFTs as a collectible for tax purposes.
Taxes March 22, 2023
New Tax Law Boosts ABLE Accounts
If you meet the tax law requirements and are receiving Supplementary Security Income (SSI) and/or Medicaid benefits, you’re automatically eligible to participate.