If you had a surprise tax bill this past filing season, it may be an opportune time to review your paycheck withholdings and estimated tax payment requirements by using the free IRS tax withholding estimator. Changes to income tax withholding amounts on Form W-2s or 1099s can be made at any point during the year by filing an updated Form W-4.
New battery sourcing requirements for electric vehicles took effect after April 18, 2023. This change means that far fewer vehicles qualify for the full $7,500 Clean Vehicle Tax Credit.
The IRS has warned taxpayers about pandemic relief fraud before. Employee retention credit fraud is now so widespread that the IRS added it to its annual list of Dirty Dozen tax scams.
The Internal Revenue Service (IRS) issued significant final regulations requiring most businesses to begin electronically filing certain kinds of business income tax and informational returns starting in 2024 for any returns first due after January 1, 2024.
The Internal Revenue Service recently issued guidance clarifying the federal taxability of special one-time tax rebates and refunds issued by 21 states in 2022, including South Carolina and Virginia.
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.
The Social Security Administration recently announced their annual inflation changes to the Social Security wage base, annual wage cap, and benefit amounts that will be effective January 1, 2023. These 2023 inflation increases are the largest percentage increases since 1981 and the fourth-largest increase ever for the Social Security program.
The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.
The IRS announced its annual inflation adjustments on October 18 in Revenue Procedure 2022-38. As expected due to soaring inflation over the past year, the tax adjustments are significant this year with most adjustments increasing around 6 to 7 percent.
IRS announces new Hurricane Ian tax relief and a new February 15, 2023 tax deadline for all individuals and businesses in both North Carolina and South Carolina.
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