Recent Articles
On Form 1040 for 2022, the IRS will use “Digital Assets” rather than “Virtual Currency.”
All taxpayers must respond to a question about digital assets on their 2022 tax forms. On the second day of the 2023 filing season, the IRS reminded taxpayers that any digital asset-related income must be declared when they submit their...
In Oregon, tax season got off to a rocky start.
The 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
Certain 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.
Forms 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...
The SECURE Act 2.0’s salient features for individuals.
The SECURE Act 2.0 contains a number of significant features that affect individual retirement savers. The following is a summary of various significant changes. It’s finally time for SECURE Act 20. The Setting Every Community Up for Retirement Enhancement (SECURE)...
The New Retirement Fund Rules Will Affect Your 401K or IRA in the Following Ways.
Let’s examine the eight sections listed in the breakdown of the Secure 2.0 Act by the Senate Finance Committee. The federal government is putting into effect a number of new retirement regulations that will increase access to retirement programmes and...