Recent Articles
Treasury and the IRS have released interim guidance for the new corporate AMT.
The Inflation Reduction Act, which was passed last summer, established the corporate alternative minimum tax. On December 27, the IRS and the Treasury Department released Notice 2023-07 https://www.irs.gov/pub/irs-drop/n-23-07.pdf, which offers temporary guidance regarding the implementation of the new corporate alternative...
The Internal Revenue Service and the Treasury Department have issued guidance on the corporate stock repurchase excise tax.
The Inflation Reduction Act’s tax provision is addressed in interim guidance set forth in Notice 2023-2. The IRS and Treasury Department additionally issued Notice 2023-2, which offers temporary guidance regarding the application of the corporate stock repurchase excise tax until...
IRS Mileage Rate Increases to 65.5 Cents/Mile in 2023.
The rate for the second half of 2022 is set at $65.5 per mile driven for business purposes, an increase of 3 cents from the midyear increase. The optional standard mileage rates for 2023 have been released by the Internal...
The IRS has updated its Form 1099-K FAQs.
The IRS considers the calendar year 2022 to be a transition year for the lower reporting threshold of more than $600. The IRS announced on Wednesday that fact sheet FS-2022-41 has been updated with frequently asked questions for Form 1099-K,...
Count on the new per diem rates
The government sets a flat rate for certain “high-cost areas” such as New York, Chicago, Los Angeles, and other major cities each year. Employee business travel expenses are frequently scrutinized by the IRS. Unfortunately, keeping all of the detailed records...
When to Expect IRS Income Tax Refunds in 2023 – Estimates
Edited: 26th December 2022 This chart depicts an estimated timeline for when a taxpayer will likely receive their refund, based on current information and projections from previous years—and depending on when the individual files their return. Although it’s way too...