The Inflation Reduction Act, which was passed last summer, established the corporate alternative minimum tax. On December 27, the IRS and the Treasury Department released Notice 2023-07 https://www.irs.gov/pub/irs-drop/n-23-07.pdf, which offers temporary guidance regarding the implementation of the new corporate alternative
The Inflation Reduction Act’s tax provision is addressed in interim guidance set forth in Notice 2023-2. The IRS and Treasury Department additionally issued Notice 2023-2, which offers temporary guidance regarding the application of the corporate stock repurchase excise tax until
The rate for the second half of 2022 is set at $65.5 per mile driven for business purposes, an increase of 3 cents from the midyear increase. The optional standard mileage rates for 2023 have been released by the Internal
The IRS considers the calendar year 2022 to be a transition year for the lower reporting threshold of more than $600. The IRS announced on Wednesday that fact sheet FS-2022-41 has been updated with frequently asked questions for Form 1099-K,
The government sets a flat rate for certain “high-cost areas” such as New York, Chicago, Los Angeles, and other major cities each year. Employee business travel expenses are frequently scrutinized by the IRS. Unfortunately, keeping all of the detailed records
Edited: 26th December 2022 This chart depicts an estimated timeline for when a taxpayer will likely receive their refund, based on current information and projections from previous years—and depending on when the individual files their return. Although it’s way too
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