Senate approves Danny Werfel as IRS commissioner
Protax Blog
by WSG
1y ago
The IRS announced in IR-2023-45 on March 13, 2023 that the Senate approved by a vote of 54 to 42 Danny Werfel (who replaced Charles Rettig whose term ended November 2022, and Acting Commissioner Doug O’Donnell) as the new IRS Commissioner. Werfel was a former acting IRS commissioner in 2013 who has served under both Democratic and Republican administrations as such he brings a wealth of experience to the position. The Senate voted 54–42 on Thursday to approve Danny Werfel as the new IRS commissioner. Werfel, a former acting IRS commissioner who has served under both Democratic and Republican a ..read more
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New IRS features allows taxpayers electronically filing amended returns to choose direct deposit to speed refunds
Protax Blog
by WSG
1y ago
The IRS announced in IR-2023-22 on February 9, 2023 as a follow up from its June 23, 2022 announcement that we are now able to efile Amended Form 1040NR- U.S. Nonresident Alien Income Tax Return, that we can now also choose to direct deposit the refunds to speed them up! In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. Previously, taxpayers who filed Form 1040-X with the IRS had to ..read more
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IRS reminds employers of Jan. 31 deadline for Form W-2, other wage statements
Protax Blog
by WSG
1y ago
The IRS announces that have until Tuesday, January 31, 2023 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements by Jan. 31, 2023. Employers must file their copies of Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements with the Social Security Administration by Jan. 31. Additional information on how to file can be found on IRS.gov under Topic No. 752 Filing Forms ..read more
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CPAs rev up for a new tax season
Protax Blog
by WSG
1y ago
CPA’s face extraordinary challenges for the 2023 US tax season period, although gone are the EIP payments and advanced Child Tax Credit payments…the lower filing threshold for Form 1099-K was postponed, but then there was the midyear 6/30/22 standard mileage rate change, for 2022 returns once again the IRS has again changed the question on the draft Form 1040 re Crypto Currency dabbling, but the big white elephant in the room remains as outgoing Commissioner Charles Rettig said that as of Nov. 2, 2022, however, the IRS still had 4.2 million unprocessed individual returns received during 2022 ..read more
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IRS issues standard mileage rates for 2023; business use increases 3 cents per mile
Protax Blog
by WSG
1y ago
The IRS announces with IR-2022-234 2023 tax season standard mileage rates for business, medical, moving and charitable purposes. Up slightly from the last six month rise for 2022. 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 Jan. 1, 2023, the ..read more
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Taxpayers should know that an extension to file is not an extension to pay taxes
Protax Blog
by WSG
1y ago
IRS reminds us in Tax Tip 2023-30 that for taxpayers that cannot file their 2022 US income tax returns by the April 18, 2023 deadline they may extend their 2022 filings to October 16, 2023 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the payment penalty will not be postposed. Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes. If they owe taxes, they should pay them before the due date to avoid potential penalties ..read more
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IRS: Updates to question on digital assets; taxpayers should continue to report all digital asset income
Protax Blog
by WSG
1y ago
The IRS reminds taxpayer though IR-2023-12 that for the 2022 tax filings in 2023 once again the IRS has again changed the question on the Form 1040 re ‘Virtual Currency’ dabbling, renaming it to ‘Digital Assets’ and defining what a Digital Asset is and when a taxpayer should check Yes or No! The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term “digital assets” has replaced “virtual currencies,” a term u ..read more
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The adoption tax credit helps families with adoption-related expenses
Protax Blog
by WSG
1y ago
The IRS explains In Tax Tip 2023-06 to parents of adopted children that taxpayers who adopted or started the adoption process during 2022 should review the rules around the adoption credit and the amount of the credit increases for qualified taxpayers. The adoption tax credit lets families who were in the adoption process during 2022 claim up to $14,890 in eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private and public foster care adoptions. Things to know about claiming the credit: To claim the adoption credit, taxpayers compl ..read more
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IRS sets Jan. 23 as official start to 2023 tax filing season; more help available for taxpayers this year
Protax Blog
by WSG
1y ago
The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline. People have three extra days to file this year due to the calendar. With the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. As part of the August passage of the Inflat ..read more
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Tax basics: Understanding the difference between standard and itemized deductions
Protax Blog
by WSG
1y ago
In IRS Tax Tip 2023-03 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction. One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes to the standard deduction amount and recent tax law changes. Generally, most taxpayers use the option that gives them the lowest overall tax. As taxpayers begin to think about filing their tax return, here are some th ..read more
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