IR-2023-100, May 10, 2023
WASHINGTON — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.
With all the IRS and State Tax department (FTB for CA) notifications being sent about the 22 tax year extension of deadlines, it is easy to be confused.
There has been some confusion regarding this credit and specifically Tesla, Inc. As of now the information that the IRS has published regarding tax year 2022 purchases is that these have been phased out of the credit. This manufacturer has sold more than 200,000 vehicles and as of 2020 the credit available is zero. We believe the confusion comes in that the IRS links from within the same publication information for purchases that take place in 2023 or later.
WASHINGTON – The Internal Revenue Service provided details today clarifying the federal tax status involving special payments made by 21 states in 2022.
The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.
IRS Business Rule F8962-070
IRS Description
“The e-File database indicates that Form 8962 or a binary attachment with description containing “ACA Explanation” must be present in the return.”
This E-File reject is triggered if the IRS has information that indicates that either you, your spouse or one of your dependents has received health insurance from the Market Place.
California’s MCTR has raised a lot of questions in the tax industry. At this point I don’t think anyone has a definitive answer and honestly, I see valid arguments on both sides of the ultimate question of whether it is taxable.
One take away I did have from this topic is that this is another example of how relevant you are as a tax professional verses DIY software being the tax preparer. Having you as a resource to talk through the pros and cons with the taxpayer, in a way they can understand, so they can be part of the overall decision. In my opinion, this is something that can’t be replaced.
Below you will find all the recordings, additional information as well as a list of the prize winners for each session. This page will be updated with additional recordings and information over the week of the seminar.
Taxware Systems Family,
We are thrilled to announce that we will be taking balance due payments through our new payment processing systems. HYFIN, a division of Heartland, is the credit card processing company that will generate emails and text links to process your account payments. Your account will be updated within 1 business day to reflect your payment. You will receive a receipt immediately after completing transactions. Read more
WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. Read more
The IRS, state tax agencies and the tax industry – working together as the Security Summit recently concluded its summer series, Protect Your Clients; Protect Yourself. This campaign was a reminder for tax pros to focus on fundamentals of security and watch out for emerging issues when using cloud-based services for their practice. Read more
