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Here are your Articles for January 20, 2023.
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IRS Raises Standard Mileage Rate for 2023
The Internal Revenue Service (IRS) has announced that the 2023 business standard mileage rate is increasing to 65.5 cents per mile driven which is an increase of 3 cents from the midyear increase setting the rate for the second half of 2022.
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IRS Delays Implementation of $600 1099-K Reporting Requirement
The Internal Revenue Service has announced a delay in reporting threshold for third-party settlement organizations (TPSOs) such as Venmo, PayPal and CashApp set to take effect for the upcoming tax filing season.
As a result of this delay, TPSOs will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.
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5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law
On December 29, President Biden signed the omnibus spending bill, which includes the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Among many other provisions, this new law includes five major taxpayer friendly changes that may help you save for retirement. Here are the details.
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Can You Deduct Contingent Attorneys’ Fees?
A landmark U.S. Supreme Court ruling settled the debate on whether contingent attorneys’ fees related to nonbusiness judgments and settlements are tax deductible. But there are some exceptions to this unfavorable decision, such as fees for certain claims of unlawful discrimination and for business-related litigation. Here’s important information to help you navigate the complex tax rules.
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Help the Disabled and Your Business
A small business can claim a tax credit for certain kinds of property renovations that make its premises more accessible to people with disabilities. Here’s a brief rundown of the structural changes that qualify, as well as the requirements your business must meet to be eligible for this valuable tax break.
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Federal Tax News for Individuals
1. Crypto Investors: Loss Deductions, Regulation and Oversight
2. Contribute More to Your FSA in 2023
3. Do You Know What Your Filing Status Is?
4. RMDs: Important Considerations for Certain Taxpayers
5. Court: Charitable Donations Must Be Substantiated
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Retirement Accounts and Your Estate Plan
When planning your estate to minimize taxes, there are some important factors to keep in mind about retirement accounts such as traditional IRAs, Roth IRAs, SEP accounts and 401(k) plans. Plus, you need to know some important information about required minimum distributions. Keep reading to find out the details.
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