The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.
Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.
The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.
Under Notice 2022-44, the high-low method rates will be slightly higher and the list of high-cost localities in the continental United States is revised, both effective Oct. 1.
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.