Renson Accounting - Life in the Tax Lane

The IRS has thankfully once again delayed the reporting requirement for payment processors (think Square, PayPal, Venmo, etc.). The threshold will be $20,000 for 2023, and $5,000 for 2024.

IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024 The IRS announced a delay in the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They are planning a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue P...

The IRS is set to rollout direct file system in 2024 (2023 tax return). It only supports a few states (Florida is one) and a few basic options such as W-2 and SSI income, child tax credit and earned income tax credit. But if all you get is a W-2 and you're tired of paying TurboTax $40+ each year just to enter a couple numbers from a single form, this may be a good alternative. Keep in mind this is a first year government program, don't expect the smoothest experience.

If your tax situation is more complicated then it may be worthwhile to have a tax professional in your corner to minimize your tax liability and maximize your refund. Reach out to me if you'd like a free consultation.

https://www.irs.gov/newsroom/irs-direct-file-update-free-secure-irs-run-electronic-filing-option-on-track-to-be-available-in-2024-as-a-limited-pilot

The IRS has extended certain filing and payment deadlines to many that were in or near the path of Hurricane Idalia.

Send me an email at [email protected] if you still have anything left to do for 2022 taxes or want to avoid any surprises on your 2023 taxes.

Link to Florida announcement, see if your county is in the 2nd paragraph: https://www.irs.gov/newsroom/irs-announces-tax-relief-for-those-impacted-by-idalia-in-florida

https://news.bloombergtax.com/daily-tax-report/chatgpt-can-give-tax-advice-but-you-really-get-what-you-pay-for

ChatGPT Can Give Tax Advice, But You Really Get What You Pay For ChatGPT is among the latest AI technology, but is it qualified to give tax advice? Though it’s usually on the right track, it misses nuances of the tax code 100% of the time, says Lee Reams II of TaxBuzz.

Check out IRS.gov/freefile if you have a simple return, they have a number of tax programs that will let you file for free.

Free tax filing gets trickier: TurboTax, H&R Block pull out of IRS program The IRS's Free File program has helped millions of taxpayers file their taxes free. But two of the biggest preparers have now pulled out of the IRS program

Florida has $5M in the budget for those that will have a hard time paying their insurance deductible. If you live anywhere between Marco Island, Sarasota, and Bowling Green and are on the hook for your insurance deductible I'd recommend checking this out.

$5M awarded to help homeowners in six hurricane-hit counties pay their insurance deductibles The Florida Housing Finance Corporation is awarding $5 million to local housing partners to help Floridians impacted by Hurricane Ian pay their home insurance deductibles in the six hardest hit counties: Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties.

Not exactly a tax thing, but the $10k student loan forgiveness application has gone live.

Federal Student Aid

Are you stuck in a financial traffic jam? Looking for a tax and accounting solution that will have you and your business cruising down Easy Street? Look no further than Renson Accounting. Let me take care of the boring, headache inducing stuff like BOOKKEEPING, PAYROLL, and TAXES for your company, which will leave you woth more of your hard earned money in your pocket and more time to work with your customers building your business.

With almost 10 years of tax and accounting experience working with everyone from individuals to small businesses to multinational corporations, I can provide a full-service solution for your business's needs. As an Enrolled Agent I have the ability to represent you in front of the IRS, your state's Dept of Revenue, or any other taxing jurisdiction in the United States.

Send an email to [email protected] for a free consultation.