IRS Delays New Third-Party Settlement Reporting Threshold Enforcement, Notice 2023-10

Feb 13, 2023 | IRS, Taxes

The IRS announced a delay in reporting thresholds for third-party settlement organizations (TSPOs). As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for...

Treasury Announces Clean Vehicle Tax Benefits, FAQS, Planned Guidance, Notice 2023-1, FS-2022-42

Feb 13, 2023 | IRS, Taxes

The IRS and Treasury have announced have released a list of clean vehicles that meet the requirements to claim the new clean vehicle tax credit, along with FAQs to help consumers better understand how to access the various tax incentives for the purchase of new and...

Treasury Outlines Path to Equitable Clean Energy Economy

Dec 28, 2022 | Taxes

The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy. In a fact sheet issued October 26, 2022, the Treasury Department highlighted four key areas the tax policy built on...

IRS Adds New Domestic Filing Exception for Partnership Schedules K-2 and K-3

Dec 28, 2022 | Taxes

Beginning with their 2021 tax years, partnerships with “items of international tax relevance” must file Schedule K-2, Partners’ Distributive Share Items—International, and Schedule K-3, Partner’s Share of Income, Deductions, Credits, etc.—International....

Tax Gap Reaches Nearly $500 Billion, IRS Reports

Dec 28, 2022 | Taxes

The Internal Revenue Service is estimating the tax gap on tax years 2014-2016 to be $496 billion, an increase of more than $58 billion from the prior estimate. “The increase in the tax gap estimates reflects that the IRS needs to do more, both in improving...

Social Security Wage Cap and Benefit Amounts Increase for 2023, Social Security Fact Sheet: 2023 Social Security Changes

Nov 23, 2022 | Taxes

For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustments to account for inflation. Wage Cap for Social Security Tax The...