727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Welcome to the TaxGenuity Blog

Reporting of $600 Third-party Payments Delayed

Reporting of $600 Third-party Payments Delayed

Due to concerns regarding the implementation timeline, reporting thresholds for third-party settlement organizations that were set to take effect on January 1, 2023, has been delayed. As such, third-party settlement organizations will not be required to report the tax...

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Standard Mileage Rates for 2023

Standard Mileage Rates for 2023

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles and gasoline and diesel-powered vehicles. 65.5 cents per mile driven...

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Highlights of the Secure 2.0 Act of 2022

Highlights of the Secure 2.0 Act of 2022

The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement. Let's take a look...

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Businesses: Important Tax Changes in 2023

Businesses: Important Tax Changes in 2023

Here's what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage Rates In 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second...

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Individual Taxpayers: Tax Changes for 2023

Individual Taxpayers: Tax Changes for 2023

Every year, it's a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead. Individuals In...

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Relief Continues for Drought-stricken Farmers

Relief Continues for Drought-stricken Farmers

Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. If you are a farmer or rancher affected by drought conditions, here is what you need to know...

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Getting Ready for the 2023 Tax Filing Season

Getting Ready for the 2023 Tax Filing Season

Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let's look at what's new for 2022 and some key items taxpayers should consider...

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Take Retirement Plan Distributions by December 31

Take Retirement Plan Distributions by December 31

For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their IRA, SIMPLE IRA, SEP IRA, or retirement plan account when they reach age 70 1/2. These withdrawals...

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Improperly Forgiven PPP Loans Are Taxable

Improperly Forgiven PPP Loans Are Taxable

Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer's loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of the...

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Retirement Contributions Limits Announced for 2023

Retirement Contributions Limits Announced for 2023

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...

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