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In Oregon, tax season got off to a rocky start.
Tax Credit and Deduction Reform Could Reduce Refunds or Raise Taxes in 2023
IRS Launches Free Online 1099 Form Filing Portal for Businesses.
The SECURE Act 2.0’s salient features for individuals.
The New Retirement Fund Rules Will Affect Your 401K or IRA in the Following Ways.
In Oregon, tax season got off to a rocky start.
February 7, 2023The Oregon Department of Revenue mailed personal tax refund information to the incorrect address for 5,000 taxpayers. The Oregon Department of Revenue admitted on Thursday that it transmitted personal tax refund information to the wrong address for around 5,000 individuals....
Tax Credit and Deduction Reform Could Reduce Refunds or Raise Taxes in 2023
February 6, 2023Certain child and dependent tax credits have been cut, and the charitable deduction that some taxpayers took advantage of during the epidemic years is no longer as simple to claim. The IRS began taking tax returns in late January, and...
IRS Launches Free Online 1099 Form Filing Portal for Businesses.
February 3, 2023Forms 1099 filed on paper should decrease in 2023 thanks to the Information Returns Intake System. The Information Returns Intake System (IRIS), a new online portal that the IRS announced on Wednesday, now allows businesses to submit Form 1099 series...
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The U.S. Supreme Court (SCOTUS) has declined to hear a case involving the Excessive Fines Clause of the 8th Amendment. Owners of certain foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) or face penalties, which can be harsh if the failure is “willful.” One taxpayer was assessed a $2,173,703 penalty for the willful failure to file an FBAR for 2007. A U.S. District Court and the U.S. 1st Circuit Court of Appeals ruled the case didn’t qualify for Excessive Fines Clause protection. The government argued in a brief that the Circuit Court’s ruling was “entirely faithful” to prior SCOTUS decisions, therefore a SCOTUS review “would make no difference.”
having trusted and right advisors can change your tax and accounting process, to make your taxation hassle easy post your project today at ifindtaxpro #taxation #taxseason #taxprofessional #IRS #taxattorney
A recent IRS revenue procedure provides the depreciation limits for passenger automobiles (including trucks and vans) placed into service in 2023. For vehicles acquired after Sept. 27, 2017, and subject to bonus depreciation, depreciation limits are $20,200 for year one, $19,500 for year two, $11,700 for year three and $6,960 for each year after that. For vehicles that aren’t subject to bonus depreciation, the limits for years one through three are $12,200, $19,500 and $11,700, respectively, and $6,960 for each succeeding year. The IRS also lists lease inclusion amounts for lessees of passenger autos first leased in 2023. To see Rev. Proc. 2023-14: bit.ly/3JfPXE6
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