IRS Delays Form 1099-K Reporting for 2023
Following feedback from taxpayers, tax professionals and payment processors, the IRS announced on November 23 that the requirement that was enacted in the American Rescue Plan Act of 2021 that lowered the reporting threshold from $20,000 to $600 for third-party networks that process payments for transactions that involve the selling of goods or services will be delayed until 2024.
2023 State Tax Law Changes
Most States enacted legislation in 2023 or have tax provisions that go into effect in 2023 due to legislation passed in previous years.
2024 Tax Inflation Adjustments
The IRS announced their annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction and maximum EITC.
Latest EITC Requirements for 31 States with Their Own Earned Income Tax Credit and Child Tax Credit
Thirty states and the District of Columbia have enacted their own version of the federal Earned Income Tax Credit (EITC). The details of each state EITC requirements are explained below.
Also, six states have enacted their own version of the federal Child Tax Credit. Of these six states, all but one also has an EITC. The details for each state are explained below.
Employee Retention Credit
Over the past few months, you may have seen information in the media about the Employee Retention Credit and the most recent news that the IRS has stopped processing any new claims for this credit due to the high incidence of questionable claims being submitted to the IRS.
2024 PTIN Renewal is Now Open
Tax preparers may now renew their PTIN for 2024 by going to the IRS Tax Professional PTIN System page on the IRS website.
IRS Voluntary Continuing Education Program and PTIN Requirement for Federal Tax Return Preparers
This page is designed to help you understand PTINs and the IRS requirement to have one and renew it each year, as well as the IRS Voluntary Education Program.
IRS Direct File Pilot Program
On October 17, 2023, the IRS announced more details on the new IRS Direct File Pilot which will be introduced during the upcoming 2024 filing season.
2023 Energy Efficient Home Improvement Credit
Energy Efficient Home Improvement Credit Included in the Inflation Reduction Act of 2022 was the Energy Efficient Home Improvement Credit (formerly known as the Nonbusiness Energy Property Credit). Is the Energy Efficient Home Improvement Credit Refundable? Taxpayers that make qualified energy-efficient improvements to their existing home in 2023 can qualify for a nonrefundable tax credit […]
2023 Used and Commercial Clean Vehicle Credits
Used and Commercial Clean Vehicle Credits The Inflation Reduction Act included two new credits for clean vehicles. They are the Credit for Previously Owned Clean Vehicles and the Commercial Clean Vehicle Credits. Both credits go into effect in 2023 and are available through 2032. Here are the details for each of these two credits: Used […]
