The Inflation Reduction Act increased the tax credit cap from $250,000 to $500,000 beginning in 2023. The credit is elected on the 2023 tax return
The Internal Revenue Service recently updated its FBAR Reference Guide wherein some clarifications were provided: A US person is not just an individual. It includes
April 1, 2022 is the last day for taxpayers who turned 72 in 2021 to begin taking required minimum distributions (RMD) from a retirement account or plan. RMD rules apply to traditional SEP and SIMPLE IRAs, 401(k), 403(b) and 457(b) but not Roth IRA and only after you stopped working.
The American Rescue Plan Act that passed in March 2021, lowered the reporting threshold for Form 1099K for third-party settlement organizations (TPSOs) for transactions settled after 12/31/2021.
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