The IRS is starting to accept e-file tax returns on January 24, 2023. EFC can still prepare your tax returns before this date if you have all your documents. When filers have all their tax documentation gathered and organized, they are in the best position to file an accurate return and avoid processing or refund … Read More
1099-K Payment Card Transactions
Reporting rules changed for Form 1099-K. Taxpayers should receive Form 1099-K, Payment Card and Third-Party Network Transactions, by January 31, 2023, if they received third party payments in tax year 2022 for goods and services that exceeded $600. There is no change to the taxability of income. All income, including from part-time work, side jobs … Read More
Standard Mileage Rates 2023
The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per … Read More
The IRS is Still Behind!
For taxpayers who are still waiting for confirmation that last year’s tax return processed, or for a tax year 2021 refund or stimulus payment to process, their patience is appreciated. As of November 11, 2022, the IRS had 3.7 million unprocessed individual returns received this year. These include tax year 2021 returns and late filed … Read More
Energy Efficient Home Improvements
The inflation Reduction Act of 2022 (IRA) amended the credits for energy efficient home improvements and residential energy property. The IRA amended the credits for energy efficient home improvements and residential energy property credit. General Overview of the Energy Efficient Home Improvement Credit Through December 31, 2022, the energy efficient home improvement credit is a … Read More
Over age 72?
The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many retirement plans and IRA account owners must generally withdraw annually … Read More
Smaller Refunds in 2023
Refunds may be smaller in 2023. Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022. In addition, taxpayers who don’t itemize and take the standard deduction, won’t be able to deduct their charitable contributions. The charitable contributions deduction line has been removed … Read More