HSA Amounts Increase for 2023
The IRS recently issued Rev. Proc. 2022-24, announcing that the maximum contribution to a health savings account and certain associated amounts will be higher in 2023 due to inflation-related adjustments.
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Schedules K-2 and K-3 Electronic Filing Launch Postponed for S Corporations
The IRS has changed the launch date of its electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, from mid-June 2022 to July 24, 2022.
View MoreIRS Revises Tax Year 2021 Child Tax Credit FAQs
The IRS recently issued a revised set of frequently asked questions for tax year 2021 and filing season 2022 for the Child Tax Credit.
View MoreIRS Proposes Amendments to Estate and Gift Tax Basic Exclusion Regulations
The IRS recently issued proposed regulations (REG-118913-21) that would grant an exception to the special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount.
View MoreIRS Issues Invitation for Priority Guidance Plan Recommendations
The IRS recently issued Notice 2022-21, inviting the public to submit recommendations for items to be included in its Priority Guidance Plan for July 1, 2022, through June 30, 2023.
View MoreIRS Reminds Tax-Exempt Organizations of May 16 Filing Deadline
The IRS recently issued a press release reminding tax-exempt organizations that many have a filing deadline of May 16, 2022.
View MoreIRS Grants Superfund Taxpayers Failure-to-Deposit Penalty Relief
The IRS recently issued Notice 2022-15, providing temporary relief from a penalty for failure to deposit Superfund excise taxes and confirming the availability of a safe harbor for deposits.
View MoreIRS to Send Notices to Help Payers Correct Backup Withholding Errors
The IRS recently stated that in mid-April it will begin sending Notices CP2100 and CP2100A to financial institutions, businesses or payers who filed certain types of information returns that do not match IRS records.
View MoreTennessee Department of Revenue Clarifies TNTAP Business Tax Filing Issue
With the upcoming tax filing deadline, the Tennessee Department of Revenue is providing clarified information about a common taxpayer issue regarding filing a business tax return through TNTAP.
View MoreIRS Updates FAQs for 2021 and 2020 Recovery Rebate Credit
The IRS recently updated its frequently asked questions and answers for both the 2021 and 2020 Recovery Rebate Credit.
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