Note from Editor: It is not our policy to introduce proposed legislation, however, this bill has some retroactive provisions that may impact the preparation of 2023 federal income tax returns.
National Taxpayer Advocate Erin M. Collins has released her 2023 Annual Report to Congress, describing 2023 as a year of “extraordinary transition for the IRS and therefore for taxpayers.”
Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies.
A “FinCEN identifier” is a unique identifying number that FinCEN will issue to an individual or reporting company upon request after the individual or reporting company provides certain information
The official start date of tax season for individual taxpayers will be on January 29, but the Internal Revenue Service plans to accept business tax returns as soon as January 16.