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2023 IRS National Tax Security Awareness Week

This year’s National Security Awareness Week focused on ways that taxpayers and tax preparers can protect themselves from evolving scams and schemes that are designed to steal personal, financial, and tax information.

IRS Delays Form 1099-K Reporting for 2023

Form 1099-K on laptop.

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

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

2024 Tax Inflation Adjustments being calculated.

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 Requirements for 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

cheerful-professional-preparers-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

Man searching the PTIN system online.

Tax preparers may now renew their PTIN for 2024 by going to the IRS Tax Professional PTIN System page on the IRS website.

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