Credit for Electric Vehicle Charger
As discussed on pages 6 to 8 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book, the credit for charging equipment for alternative fuel vehicles, such as electric vehicles or EVs, is claimed on Form 8911, Alternative Fuel Vehicle Refueling Property Credit.
The credit is available for the 2022 tax year, In 2023, the rules for the credit change.
As discussed on page 8 of ...
The IRS delayed the effective date of this lower threshold. See our post on November 29, 2023.
As discussed in our post on December 27, 2022, the IRS issued Notice 2023-10, which delays the implementation date of the lower filing threshold for Form 1099-K, Payment Card and Third-Party Transactions.
The threshold for filing Form 1099-K for the 2022 tax year was scheduled to be $600 for the y...
Planning RMDs for 2023
The Treasury Department issued proposed regulations during 2022 regarding the rules for the new 10-year distribution requirement for inherited retirement accounts. Those rules surprised many, since they required annual distributions to occur for many beneficiaries, even though the beneficiaries are still subject to the new 10-year rule.
Due to the reaction to the proposed regulations, the IRS re...
Updated PTET Worksheets
Pages 57 through 72 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book have an update of 2022 issues for the pass-through entity tax (PTET).
New York State recently issued revised Excel worksheets to be used when computing the PTET for the 2022 tax year.
There is a new worksheet for use by electing resident S corporations, available here. This new worksheet contains Row...
Clean Vehicle Credit for 2023
Pages 1 through 6 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book have information on determining eligibility for the clean vehicle credit for vehicles placed in service during 2022.
The IRS recently issued additional guidance for vehicles placed in service during 2023, including a list of eligible models. See: https://www.irs.gov/credits-deductions/manufacturers-and...
SECURE 2 Enacted
On December 29, 2022, the SECURE 2.0 Act was enacted as part of the broader Consolidated Appropriations Act of 2023. The SECURE 2.0 Act makes substantial changes to the rules for retirement accounts.
Major changes in the new law include the following:
The law raises the age for determining the beginning date for required minimum distributions from age 72 to age 73. However, this change applies o...
2023 Standard Mileage Rate
The IRS has released the 2023 standard mileage rate. For business travel, it is 65.5 cents per mile (up from 62.5 cents per mile in the second half of 2022).
For medical-related travel, it is 22 cents per mile (unchanged from the second half of 2022). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile.
As discussed in our post on June ...