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National taxpayer advocate: IRS in better shape now than a year ago
Erin Collins’s annual report to Congress focuses on the Service’s processing backlog, improved but still posing challenges.
Unemployment compensation exclusion corrections led to 12 million refunds
The IRS completed adjusting tax year 2020 returns with unemployment compensation income that was made excludable during the 2021 filing season by the American Rescue Plan Act of 2021, P.L. 117-2.
Key tax and retirement provisions in the SECURE 2.0 Act
The act expanded automatic enrollment in retirement plans, increased the beginning age for required minimum distributions, and much more.
Business standard mileage rate increases for 2023
The rate is 65.5 cents per mile, up 3 cents from the second half of 2022, with no change to the 22 cents per mile for medical purposes.
IRS delays Form 1099-K $600 reporting threshold
The IRS postponed by a year implementation of the lower reporting threshold for the form, Payment Card and Third Party Network Transactions, to apply to transactions during calendar 2023 and after.
