AKRE TAX & FINANCIAL SERVICES

A NANIE K.R. ENRIQUEZ COMPANY

1524 ROCK GLEN AVE, GLENDALE CA 91205

TEL: 818-645-9550; FAX: 818-579-7744  www.AKRETAX.com

NANIEDGRT@aol.com; NANIE.ENRIQUEZ@gmail.com; AKRETAX@yahoo.com

 

 

November 18 update

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IRA owners age 70 ½ or over can transfer up to $100,000 to charity tax-free each year

The IRS reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year.

These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, for those who are at least 72, QCDs count toward the IRA owner's required minimum distribution (RMD) for the year.

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October 27 update

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Service providers, others may receive 1099-Ks for sales over $600 in early 2023

The IRS reminded taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.

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Taxpayers in declared disaster areas get more time for COVID penalty relief

Taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.

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Tax inflation adjustments for tax year 2023

The IRS announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides details about these annual adjustments.

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October 14 update

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IRS sent letters to individuals and families that did not claim key tax benefits

The IRS sent letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit, the Earned Income Tax Credit and other tax credits depending on their personal and family situation.

To help people claim these benefits, without charge, Free File will remain open for an extra month this year, until November 17, 2022.

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October 6 update

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Tax Relief for Hurricane Ian victims in North Carolina and South Carolina

Hurricane Ian victims throughout North Carolina and South Carolina qualify for tax relief and now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.

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October 4 update

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Tax Relief for Hurricane Ian victims in Florida

Hurricane Ian victims throughout Florida qualify for tax relief and now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.

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IRS Appeals revises contact letters

As part of an effort to enhance the taxpayer experience, the IRS Independent Office of Appeals is taking important steps to improve how taxpayers interact and communicate with the IRS by revising their initial contact letters.

Appeals has made two key revisions to these initial contact letters in response to feedback from taxpayers and practitioners.

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September 21 update

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Improperly forgiven Paycheck Protection Program loans are taxable

IRS issued guidancePDF addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer's loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions.

Taxpayers who inappropriately received forgiveness of their PPP loans are encouraged to take steps to come into compliance by, for example, filing amended returns that include forgiven loan proceed amounts in income.

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Tax Relief for Hurricane Fiona victims in Puerto Rico

Hurricane Fiona victims in all 78 Puerto Rican municipalities qualify for tax relief and now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.

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September 13 update

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IRS issues rules for Alternative Fuel credits

The IRS issued Notice 2022-39PDF, which provides rules to make a one-time claim for the credit and payment allowable for alternative fuels sold or used during the first, second, and third calendar quarters of 2022. It also provides instructions for how a taxpayer's liability for excise tax may be reduced by claiming the alternative fuel mixture credit allowable for the first and second quarters of 2022. The alternative fuel credits are part of the Inflation Reduction Act.

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SOURCE: IRS.GOV