IRS warns Americans

IRS warns Americans over $600 threshold to report Venmo, PayPal payments The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year […]

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401(k) limit increases

Issue Number:    IR-2022-188 Inside This Issue 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 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

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IRS Anouncement

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing

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