Delay for implementation of — 600 reporting threshold

Delay for implementation of — 600 reporting threshold

IRS Delays Implementation of $600 Reporting Threshold for Third-Party Payment Platforms’ Forms 1099-K The IRS announced a delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season. TPSOs will...
Business Mileage Rate Increase

Business Mileage Rate Increase

Tax Alert: Business Mileage Rate Increases for 2023 The IRS issued the optional standard mileage rates for calculating the deductible costs of operating a car for 2023. Starting January 1, 2023, the rates for using a car, van, pickup, or panel truck will be: 65.5...
The Tax Treatment of Cryptocurrency

The Tax Treatment of Cryptocurrency

​​The IRS  treats cryptocurrency as property, not money, and taxes it like a stock. Taxpayers must disclose gains and losses on investments in digital assets. Profits on assets held for more than a year are taxed at the long-term capital gains rate, now a top 23.8%,...
Leadership Diversity Can Improve Financial Outcomes

Leadership Diversity Can Improve Financial Outcomes

Board and executive diversity continue to be a top priority for many corporate directors and investors as diversity, equity, and inclusion (DEI) initiatives have been linked to improved company performance. McKinsey found in its research Diversity wins: How inclusion...
Individual Charitable Deductions

Individual Charitable Deductions

Charitable contributions are a great way to give back not only to your community, but to yourself around tax time! The IRS allows taxpayers to itemize charitable contributions in order to write them off–in most cases, you’re allowed to write off up to 60% of your...
Who Meets The Filing Threshold?

Who Meets The Filing Threshold?

The IRS doesn’t require every citizen to file come tax time. It depends on your age, filing status, income level, and the source of your income. You can refer to the below table to see if you meet the requirements for filing a tax return. Filing Status Age As Of The...