The IRS recently issued Notice 2023-54, which provides two separate types of relief related to certain required minimum distributions (RMDs). The two areas are unrelated to each other. IRA Owners Born in 1951 For the first area of relief, the notice provides relief for IRA owners who were born in 1951. Such individuals reach age 72 during 2023, and they would have been required to start tak...
As discussed in our posts during June 2023, the threshold for the e-file mandate for Forms W2 and 1099s has been reduced to 10 returns (from the previous threshold of 250 returns) effective for the 2023 tax year and subsequent years. Practitioners may need to update their registration to e-file Forms W2, through the Business Services Online (BSO) system with the Social Security Administration....
As discussed in our posts on June 1, 2023 and June 13, 2023, the threshold for the e-file mandate for Forms W2 and 1099 has been lowered to 10, effective for forms to be filed for the 2023 tax year, beginning on or after January 1, 2024. At the same time, the IRS has added a new system as an option to be used to e-file Forms 1099, while still offering the system that was already in place. Y...
As discussed in our post on June 1, 2023, the threshold for the e-file mandate for Forms W2 and 1099s has been reduced to 10 returns (from the previous threshold of 250 returns) effective for the 2023 tax year and subsequent years. Practitioners who have already registered to e-file Forms 1099 may need to update their registration with the IRS, as discussed below. Practitioners who are not ye...
The Treasury Department has issued final regulations (Treasury Decision 9972) regarding the lower threshold for the e-file mandate for Forms W2 and 1099s. The lower threshold of 10 returns is now effective for the 2023 tax year. This is a significant reduction from the threshold of 250 that has applied for earlier tax years. This lower threshold was originally scheduled to become effective in ...
Estimated tax payments for the New York Pass-Through Entity Tax (PTET) are next due on June 15, 2023. If your clients have not scheduled the second quarter payments yet, they can do so using their online services account at http://www.tax.ny.gov/online/ Clients can also pre-schedule the payments for the third and fourth quarters as well. Clients who have opted into both the New York State and Ne...
As discussed in our post on September 8, 2022, effective for forms filed on or after September 19, 2022, exempt organizations that file the CHAR500, Annual Filing for Charitable Organizations, must file the form electronically using the Charities Bureau’s new online web filing system. For a calendar-year organization filing its CHAR500 for the year ended on December 31, 2022, the upcoming due ...
As practitioners prepare extensions for clients, it is important to warn clients that estimates are used when preparing those extensions. Practitioners should warn clients in writing that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and interest, when their returns are finalized. ...
On Friday, March 31, 2023, the US Treasury Department issued guidance (Proposed Regulation REG-120080-22) for manufacturers of electric vehicles (EVs) to determine if their vehicles will meet the new requirements for critical minerals used in the manufacturer of the batteries used to power those vehicles. Effective on or after April 18, 2023, for buyers of EVs to obtain the new credit, the manuf...
Since the due date for filing 2022 federal (and New York) personal income tax returns is Tuesday, April 18, 2023, the due date for making IRA contributions for the 2022 tax year is also April 18, 2023. The dollar limit for 2022 IRA contributions remains $6,000 ($7,000 for those age 50 and older), and taxpayers must have earned income in order to make such contributions. For IRA contributions for...
