Modernization Efforts at the IRS

In 2022, the Inflation Reduction Act was signed into law. The Act includes nearly $80 billion in additional new funding for the IRS over the next 10 years. On April 6, 2023, the Treasury and…

Inherited IRAs

There have been a number of changes to the required minimum distribution (RMD) rules that apply to traditional IRA and 401(k) accounts. The age at which these distributions must begin for account owners has been…

New Clean Vehicle Credit

The new clean vehicle credit in effect in 2023 has numerous requirements. In addition to meeting the manufacturing requirements (which the licensed dealer should be able to provide), there is an income limitation based on…

Payment Apps and Form 1099-K

Taxpayers who were paid for goods and services through a third-party payment network, such as PayPal, Venmo, eBay, etc. will now receive a reporting form “Form 1099-K Payment Card and Third-Party Network Transactions” once the…