The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

Find out more here.

The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022
• 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022
• 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022

Get more information by clicking here.

The inflation Reduction Act of 2022 (IRA) amended the credits for energy efficient home improvements and residential energy property.

These FAQs provide details on the IRA’s changes to these tax credits, information on eligible expenditures, and provides examples of how the credit limitations work.

More information about reliance is available here.

The Internal Revenue Service reminds low- and moderate-income workers that they can save for retirement now and possibly earn a special tax credit in 2022 and years ahead.

The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements, 401(k) plans and similar workplace retirement programs. The credit also helps any eligible person with a disability who is the designated beneficiary of an Achieving a Better Life Experience (ABLE) account, contribute to that account. For more information about ABLE accounts, see Publication 907, available on IRS.gov.

The Saver’s Credit is available in addition to any other tax savings that apply. Find out more by clicking here.

Dually signed engagement letters are a key risk management tool. Despite their benefits, malpractice claim experience shows that many CPAs provide services without obtaining an engagement letter and may think the process of doing so is too arduous.

CNA, the endorsed underwriter, and Aon Affinity, the manager, of the AICPA Professional Liability Insurance Program will discuss the benefits of and common challenges to engagement letter use, share important strategies to improve existing engagement letter processes, and identify valuable engagement letter resources.

This FREE member benefit is being offered on January 19 from 12-12:50 PM. Register by clicking here. 

Did you know? You can automatically upload your CPACharge transactions to your QuickBooks account. With seamless transaction reporting and easy, accurate deposit reconciliation, your firm will be equipped with the best tools in the business to help you do what you do best.

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