Treasury promised to publish details on the legislation’s tax provisions before the year is out. The Inflation Reduction Act contains important tax provisions, and the U.S. Treasury Department yesterday announced a timeline for providing more information. Consumers and businesses will
According to a Bankrate study, the majority (88%) of holiday staples have become more expensive in the last year. This holiday season, inflation may be as much a part of Americans’ festivities as gifts and gatherings. Almost every aspect of
Merry Christmas! There is an arctic outbreak in the Eastern United States and the Midwest. The cool air invades Northern Canada. The temperatures dropped by about 20 degrees below average. Bad road conditions, power outages due to storms, and below-freezing
A delay in the third-party settlement organizations’ reporting thresholds that were supposed to go into effect for the upcoming tax filing season was announced by the Internal Revenue Service today. A delay in the third-party settlement organizations’ reporting thresholds that
The tax filing season for 2023 is about to begin. Individual taxpayers should begin gathering all of the information required to file their 2022 returns. Tax Day is approaching. The deadline for filing 2022 tax returns will be here before
According to the National Retail Federation, customers return about 20% of the goods they purchase online. Some of your customers may be in the midst of their busiest time of year. However, according to the National Retail Federation, customers return
The $600 threshold was established by Internal Revenue Code Section 6041 in 1954, and it does not take inflation into consideration. The American Institute of CPAs expressed serious concerns about the Form 1099-K, Payment Card and Third Party Network Transactions,
It covers fuel mixtures with sustainable aviation fuel that are sold or used in the years 2023 and 2024. The Sustainable Aviation Fuel (SAF) credit is a new tax incentive introduced by the Inflation Reduction Act of 2022. On December
The IRS has changed the way it generates 1099-Ks, which is why it is issuing this warning. For taxpayers who typically file returns in late January or early February, the IRS offers the following advice: In 2023, you might want
FSA contributions must be made by December 31; however, some companies let you roll over a portion of the unused funds. Flexible spending accounts (also known as FSAs or flex accounts), which are set up through your employer, enable staff