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Understanding business travel deductions

Source: IRS Issue Number: Tax Tip 2023-15 Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions.   Here are some tax details all business travelers should knowBusiness travel deductions are available […]

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Key points to keep in mind when filing 2022 tax returns

IR-2023-17, January 31, 2023 WASHINGTON — To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing a tax return, these easy steps will make tax preparation smoother in […]

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IRS Free File can help first time filers with their tax returns

Source: IRS, Tax Tip 2023-12 Navigating the tax return preparation process can be intimidating if you’re filing for the first time. IRS Free File can help. This program provides free tax preparation, free electronic filing and free direct deposit for eligible taxpayers. The IRS Free File income limit for tax year 2022 is $73,000 for families and […]

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Key points to keep in mind when filing 2022 tax returns

Source: IRS Issue Number:    IR-2023-17  WASHINGTON — To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing a tax return, these easy steps will make tax preparation smoother in […]

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IRS and Partners Promote Earned Income Tax Credit

On EITC Awareness Day, IRS and partners promote major tax benefit to millions of low- and moderate-income workers Source: Issue Number:    IR-2023-16   Inside This Issue WASHINGTON – The Internal Revenue Service and partners nationwide today kicked off their Earned Income Tax Credit Awareness Day outreach campaign to help millions of Americans who earned $59,187 or less last year […]

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IRS: Updates to question on digital assets; taxpayers should continue to report all digital asset income

Source: IRS         IR-2023-12, January 24, 2023 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term “digital assets” has replaced “virtual currencies,” a […]

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IRS sets Jan. 23 as official start to 2023 tax filing season: more help available for taxpayers this year

Source: IRS WASHINGTON – The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before […]

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401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

Source: IRS      WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related […]

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FinCEN Announces $8 Million Civil Money Penalty against CommunityBank of Texas, National Association for Violations of the Bank Secrecy Act

Contact Office of Strategic Communications, [email protected] Immediate Release December 16, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed an $8 million civil penalty on Community Bank of Texas, N.A. (CBOT) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, CBOT admitted that it willfully failed to […]

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Understanding the taxpayer’s right to quality service

Issue Number: Tax Tip 2021-95 It’s important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists, and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service: Taxpayers have the right […]