by PSA CPA | Mar 1, 2023 |
On December 23, 2022, the IRS stated that it would postpone the $600 reporting requirement for Form 1099-K that was scheduled to take effect during the 2022 tax year. Instead, these obligations have been delayed by one year to give people more time to prepare. Form...
by PSA CPA | Mar 1, 2023 |
Are you married to a nonresident alien? You can file alone or jointly with your nonresident foreign spouse, but every option has consequences. It’s typical for US residents to marry foreigners while they are employed and living overseas, and as with many other life...
by PSA CPA | Mar 1, 2023 |
Prior to 2022, Form 1099-K was provided only for third-party network transactions that fulfilled both of the following criteria: There were more than 200 transactions in all. The total value of transactions surpassed $20,000 The American Rescue Plan Act of 2021 (ARPA)...
by PSA CPA | Feb 1, 2023 |
Are you unsure of what credits and deductions you may claim on your 2023 tax return? You’re not the only one! With tax legislation getting increasingly convoluted by the year, it’s difficult to remember which tax incentives are available each year. Keeping this in...
by PSA CPA | Jan 1, 2023 |
President Biden passed the $1.66 trillion Consolidated Appropriations Act on December 29, 2022. The SECURE Act 2.0 of 2022, which incorporates a variety of tax measures linked to retirement, is included in the 4,155-page law. Let’s go through the highlights: Automatic...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…