Due to current high inflation rates, Social Security benefits will increase by 8.7% for 2023. The increase marks the largest annual increase in roughly four decades. This year’s increase tops last year’s 5.9% increase, which...

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The IRS has extended deadlines for amending eligible retirement plans to reflect COVID-19 legislation. These include the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The new deadline is...

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The IRS is reminding certain individuals and entities that the extension deadline to file an annual Report of Foreign Bank and Financial Account (FBAR) is Oct. 17, 2022. Filers missing the April 15 annual...

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Are you watching out for “smishing” scams? The IRS says you should be because they’re becoming more common. Similar to phishing, smishing lures potential victims with texts that can appear to be from the...

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Hurricane Ian is likely to rank as one of the most destructive storms in U.S. history. The federal government has announced tax relief for all of Florida’s residents and businesses. If you’ve been affected...

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The IRS has announced special 2022-2023 per diem rates that go into effect Oct. 1, 2022. Employees may use the rates to substantiate expenses for lodging, meals and incidental expenses when traveling away from...

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The IRS recently issued guidance regarding what research activities conducted by a contractor are “unfunded activities” eligible for the research and development (R&D) tax credit. Section 41 research expenses above a certain base amount...

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When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked...

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Do you invest in cryptocurrency? Keep in mind that selling it is a taxable event. The nature of the gain or loss depends on whether the cryptocurrency is a capital asset (for example, stocks,...

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If you’re thinking about buying an electric vehicle (EV), make sure you qualify for the EV tax credit. The Inflation Reduction Act has changed the rules. For example, qualified vehicles now must be assembled...

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