The SECURE 2.0 Act of 2022 was signed into law at the end of 2022. Read on for some of the provisions of the new legislation…
Delay of New 1099-K Reporting
New laws passed in 2021 require third-party settlement networks such as PayPal, Amazon, eBay, Square, or Venmo to issue Form 1099-Ks to payees who are paid over $600 a year for goods and services. These new requirements were to take effect in 2022 for the filing of 2022 tax returns. However, this requirement has been delayed and 1099-K forms for 2023 will be sent out in 2024 and will be reported on your 2023 tax return…
Tax Implications for the Casual Gambler
According to the IRS, gambling winnings are fully taxable, and you must report the income on your tax return. Gambling income includes, but isn't limited to, winnings from lotteries, raffles, horse races, online betting, and casinos. It also includes cash winnings and the fair market value of prizes, such as cars and trips…
Tax Reform
Expanded Energy-Efficient Home Improvement Credit for 2023
The Inflation Reduction Act of 2022 provides significant increases in the energy-efficient home improvement credit beginning in 2023 through 2032. This credit now covers additional expenses and may be worth up to $1,200 each year, which replaces the former $500 lifetime limit, even if you claimed it in the past…