Searching for an audit firm can be a time-consuming and stressful task. However, it can be maneuvered easier if you know what to look for, have realistic expectations, and ask the right questions.
Buckle up – the standard mileage rates for deducting the costs of operating an automobile for business purposes have increased for 2023.
The SECURE Act 2.0 was signed into law by President Biden on December 29, 2022. Included as part of the Consolidated Appropriations Act of 2023, it provides additional retirement savings reforms designed to expand access to and increase participation in workplace retirement plans
In the past, individuals and businesses would only receive a 1099-K form under certain circumstances. This includes when there were over 200 transactions or gross payments totaling more than $20,000 received through payment apps or credit card processors.
The SECURE Act 2.0, was signed into law on December 29, 2022. The legislation calls for several changes, including an increase in the RMD age, distributions for federally declared disasters, early distributions for terminal illnesses, and changes to catch-up contribution rules.
Taxpayers claiming the federal Research and Development (R&D) credit on amended returns will get an extended break from new documentation requirements.