Source: IRS.gov Issue Number: Tax Tip 2023-81 Tax considerations when selling a home Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, [...]
Mid-June estimated tax payment deadline in sight for many taxpayers WASHINGTON — The Internal Revenue Service today reminded taxpayers of the 2023 second quarter estimated tax deadline. Those who pay estimated taxes should consider the June 15 deadline to stay current with their taxes. Estimated tax is the method used [...]
2023 Important Update: Compliance with the Gramm-Leach-Bliley Act (GLBA) and IRS Information Security Guidelines PRIVACY POLICY As your accounting and tax firm, we are committed to providing you with the most secure and efficient services possible. In light of this commitment, we wanted to share some important information about our [...]
Source: IRS.gov Issue Number: IR-2023-94 IRS: Florida storm victims qualify for tax relief; April 18 deadline, other dates extended to Aug. 15 WASHINGTON — Florida storm victims now have until Aug. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service [...]
IRS.gov - Tax Tip 2023-52 Tax day reminders for all taxpayers The filing and payment deadline for most 2022 federal tax returns has arrived. Here’s what last minute filers need to know. Taxpayers who need more time can request an extension Taxpayers can request an extension of time to file [...]
The IRS sent out a warning this week regarding tax schemes and scams on social media. “The IRS continues to see a lot of inaccurate information that could get well-meaning taxpayers in trouble. People should remember that there is no secret way to fill out a form and simply get [...]
Source: IRS.gov - Issue Number: Tax Tip 2023-36 U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income -- including wages, unearned income and tips -- is subject to U.S. income tax, regardless of where they live or where they earn their income. They also [...]
Source Article: https://www.barnesdennig.com/2023-inflation-reduction-act-tax-credits/ The Inflation Reduction Act (IRA), signed into law by President Biden in August 2022, is designed to help fight inflation, increase investment in domestic manufacturing and energy production, lower prescription drug prices, and sharply reduce carbon emissions by 2030. It also included new and expanded tax incentives designed to [...]
Source: IRS Tax Time Guide WASHINGTON − The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets. Information available on IRS.gov and Instructions for Form 1040 [...]
Source IRS.gov Issue Number: Tax Tip 2023-15 Understanding business travel deductions Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here are some tax [...]
