FL - Senate approves IRC conformity changes
The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]
Read MoreThe IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first time the annual limit has increased since 2002. For tax years 2002 through 2021, the limit was $250 per year (or, if married filing jointly with another educator, $500, but not more than $250 for each spouse). The limit will rise in $50 increments in future years based on inflation adjustments.
Educators can claim this deduction even if they take the standard deduction. Eligible educators include anyone who is a kindergarten through grade 12 teacher, instructor, counsellor, principal, or aide in a school for at least 900 hours during the school year. Both public and private school educators qualify. Educators can deduct the unreimbursed cost of:
Qualified expenses do not include expenses for home schooling or nonathletic supplies for courses in health or physical education. The IRS urged taxpayers to file electronically and choose direct deposit for any refund. IRS also urged the taxpayers to make use of its electronic payment platforms such as IRS Direct Pay for speed and convenience in making tax payments. Finally, the IRS reminded taxpayers who had requested more time to file their returns that the deadline is October 17, 2022, and has urged them to file it at the earliest and electronically to avoid delay in processing the returns.
The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]
Read MoreFlorida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]
Read MoreThe Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]
Read MoreLegislation introduced in the Florida House of Representatives proposes to: update the IRC conformity tie-in date for determining corporate income […]
Read MoreFor purposes of the new clean vehicle credit and the used clean vehicle credit, the IRS has extended the deadlines for submitting seller reports for vehicles placed in service in […]
Read MoreFor purposes of the low-income housing credit, the IRS concluded that additional housing credit dollar amounts (HCDAs) for 2021 and 2022 […]
Read MoreThe IRS has underscored the vital importance of selecting a tax professional carefully to safeguard personal and financial information. Taxpayers bear legal responsibility for their income tax return accuracy, […]
Read MoreThe IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return […]
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