The holiday season is in full swing, and so are scams, warns the IRS. Con artists target taxpayers, possibly posing as IRS agents trying to collect bogus tax bills. They often demand payment by...

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The federal government will soon be increasing its regulation of cryptocurrency. Starting in January 2023, crypto brokers must observe new tax reporting requirements. These include providing investors with IRS Form 1099-B, which documents crypto...

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A student loan payment pause is extended through June 2023. On Nov. 22, President Biden announced that the U.S. Dept. of Education is extending the pause on student loan payments while Biden’s student loan...

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Want to know what the IRS plans to prioritize in 2023? Check the 2022–2023 Priority Guidance Plan. It includes 205 guidance projects, including 60 new items, that the IRS will focus its efforts and...

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Before you know it, tax filing season will be here. One of the basic things to know is your correct filing status. Most of the five statuses are easy to determine. What are the different...

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The Security Summit, a partnership between the IRS, state tax agencies, and tax professionals, is warning taxpayers to “take extra steps” to protect their financial and tax information from increasingly sophisticated fraud schemes. The...

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The IRS is expanding its determination letter program that approves certain retirement plans. Under Revenue Procedure 2022-40, 403(b) retirement plans can now use the same individually designed retirement plan determination letter program that’s currently...

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Taxpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to $3,050 (up from $2,850 in 2022). FSAs allow owners to pay for...

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The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. The NMTC Program allows taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments...

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