Tax Update – April 2023 Inherited Individual Retirement Accounts (IRAs) There are some notable, but mostly beneficial, rule changes related to IRAs and RMDs . Beginning in 2023, the SECURE 2.0 Act raised the required age that you must begin taking RMDs, to 73. If you reach age...
Tax Update – March 2023 Tax Year Progress From the IRS’s perspective, there is NO March Madness. They have cleared the carryover backlog for original return processing. The average answer time and level of service have vastly improved to over 80% level of service. Taxpayers...
Tax Update – February 2023 Filing Season Update, At a Glance Filing season is going well; there is only a small amount of carryover from last year, which was expected to be finalized at the end of January. There are over eight million refunds averaging $1,900 each. Refunds...
Tax Update – January 2023 Changes in Tax Law for Current Season (at a glance) Child Tax Credit has been reduced, back down to $2K (from $3K) per child Gift Tax for 2023 increases to $17K Mortgage insurance (on Schedule A) is no longer deductible $300/$600 deduction for...
Tax Update – September 2022 Inflation Reduction Act Updates The Inflation Reduction Act marks a historic moment for the IRS with $80B of funding appropriated over a ten-year period. The objective is to move quickly in order to put together high-level goals on how to best use the...
Tax Update – June 2022 Nationwide Tax Forums The 2022 Nationwide Tax Forums will be held virtually beginning July 19 th , with a series of live-streamed webinars every Tuesday, Wednesday, and Thursday. Held each summer for more than 30 years, the Forum is the IRS's marquee...
This report covers the first IRS Liaison meeting for the year and includes updates regarding the 2022 tax season, such as improving communications, encouraging online access, and Chatbot & Voicebot additions. As reported by Tax Chair, Stephen Mankowski, CPA, CGMA, who recently attended...
This report covers the final IRS Liaison meeting for 2021 and includes updates relative to the following topics: Automated Collection System Improvements, Child Tax Credit Update, Disaster Relief, and the IRSAC Annual Report. As reported by Tax Chair, Stephen Mankowski, CPA, CGMA, who...
This report includes updates relative to the following topics: Office of Appeals, TFAO Change to IRS NEXT, and the IRS Get Ready 2022 Campaign for Taxpayers As reported by Tax Chair, Stephen Mankowski, CPA, CGMA, who recently attended the monthly IRS Meeting. Update from the...
Topics Include the Overwhelming Volume at the IRS, Covid Relief Employment Tax Credits, and Tax Pro Account/Digital Authorizations. As reported by Tax Chair, Stephen Mankowski, CPA, CGMA, who recently attended the monthly IRS Meeting. Update from the National Taxpayer Advocate ...