SPS/GZ follows Internal Revenue Service (IRS) updates to keep our team aware of significant changes and to bring important news to you.
The IRS has been busy making updates. The most recent items of current interest are listed below— latest programs, recent guidance, and timely reminders.
Tax Withholding
The IRS encourages employers to remind their employees to perform a quick “paycheck checkup” by using the Withholding Estimator to check if they have the right amount of withholding for their personal situation.
2023 Standard Mileage Rates
Beginning January 1, 2023, the standard mileage rates used to calculate the deductible costs of operating a car (also vans, pickups or panel trucks) are 65.5 cents per mile for business use. That represents a 3-cent increase.
Inflation Reduction Act Strategic Operating Plan
The IRS unveiled its Strategic Operating Plan, an ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during the next decade, funded by last year’s Inflation Reduction Act.
Tax Relief in Disaster Situations
Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. The IRS often grants additional time to file returns and pay taxes.
Visit the links that follow for full details.
https://www.irs.gov/newsroom/tax-updates-and-news-from-the-irs
https://www.irs.gov/newsroom/whats-hot
SPS/GZ is a full-service tax reporting firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to business clients of all sizes. We create and e-file Forms 1098-T, 1042-S, and 1099 online filing, Affordable Care Act tax forms and penalty support, and Forms 3921 and 3922. For more information, reach out to us at sales@greenzapato.com or call at (888)375-3049. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today!
