IRS Updates

IRS Updates Mid-December 2023

2024 FSA Limit Increase Flexible Spending Arrangements (FSAs) can be used to pay medical expenses throughout the year, and the contribution limit for 2024 is increased by $150 to $3200. Employees who participate in an FSA can contribute through payroll deductions, and the amount is not subject to federal income tax, Social Security tax, or […]

Tax Updates Late November

Additional Delay in Form 1099-K Reporting The IRS will treat 2023 as an additional transition year when it comes to the American Rescue Plan (ARP) provision regarding the $600 reporting threshold for third-party payment processors. Under previous rules, third-party processors and platforms did not have to report the payments on Form 1099-K unless the taxpayer […]

Tax Updates Mid September

  September 15 Deadline Approaches The IRS reminds taxpayers who pay estimated taxes that the deadline for their third quarter payment is September 15, 2023. This affects those taxpayers not subject to withholding, such as gig workers, sole proprietors, retirees, partners and S corporation shareholders. Those who expect to owe at least $1000 in taxes […]

IRS Updates Aug 31

Security Summit Wraps Up The IRS has finished its annual education effort regarding online security for tax professionals and taxpayers. This year includes a five-part “Protect Your Clients; Protect Yourself” series to help tax pros, especially smaller practices, protect against tax-related identity theft and fraud. The final installment of the series urges tax professionals to […]

Tax Updates August 13

Security Summit Continues The IRS is continuing its annual education effort regarding online security for tax professionals and taxpayers. This year includes a five-part “Protect Your Clients; Protect Yourself” series to help tax pros, especially smaller practices, protect against tax-related identity theft and fraud. The next two parts of the series are below: Phishing emails […]

IRS Updates Early August

IRS Updates August 1 by Paul Davis Security Summit Commences The IRS has begun its annual education effort regarding online security for tax professionals and taxpayers. This year includes a five-part “Protect Your Clients; Protect Yourself series to help tax pros, especially smaller practices, protect against tax-related identity theft and fraud. The Written Information Security […]

IRS Updates July 11, 2023

Design by Paul Davis Refunds Deadline Approaching The IRS reminds those who haven’t filed their 2019 tax return that the window for claiming potential refunds is closing. The deadline for filing and claiming any refund for 2019 is July 17, 2023. The law allows 3 years to file and claim refunds (although that deadline was […]

IRS Updates June 29 2023

IRS Updates June 29 2023 by Paul Davis Guidance Released on Credits, Elective Payments The IRS has issued proposed regulations and FAQs (frequently asked questions) on rules for entities that earn certain clean energy credits and choose to make an elective payment election, and rules for those that elect to transfer certain credits to unrelated […]

Tax Updates End of June

IRS Updates June 2023 by Paul Davis July 17 Deadline for 2019 Refunds The IRS estimates that nearly 1.5 million people in the nation could be due refunds for tax year 2019, if they submit a tax return by the July 17 deadline. The usual deadline for submitting a tax return and getting a refund […]

Tax Updates Early May

IRS Updates May 2023 by Paul Davis Better Late Than Later The IRS is urging taxpayers who missed the April 18 tax-filing deadline to file as soon as possible. Those who owe taxes should file quickly to minimize penalties and interest, which can accrue over time. For those who should receive a refund, there is […]