LOWER FILING THRESHOLD FOR FORM 1099-K POSTPONED For businesses with vehicle expense deductions, a midyear increase in the optional standard mileage rate will be a factor, and businesses with research or experimental (R&E) expenditures will face the new requirement to amortize those costs.įor a handy reference for checking important tax year 2022 credit and deduction amounts, phaseout thresholds and ceilings, and other commonly encountered benchmarks for individual returns, see the “ Filing Season Quick Guide - Tax Year 2022.” Other changes for 2022, including some unrelated to COVID-19, could be a concern for certain taxpayers, including those with cryptoasset transactions. 9968) that base the premium tax credit’s affordability test for employer-sponsored minimum coverage on the cost of covering an employee’s family members in addition to the employee, a change from previous regulations that had based the affordability test on the cost of self-only coverage in such instances. Also, the IRS in October issued final regulations (T.D. 36B premium tax credit, by its increase in the applicable percentage amounts in Sec. One ARPA-enacted change, however, still applies to 2022 returns - the expansion of the availability of the Sec. ARPA’s increases in the child and dependent care credit also expired at the end of 2021. Also, no longer available for tax year 2022 are ARPA’s temporary increase in the earned income tax credit’s phaseout percentage to 15.3% and the increased phaseout range for taxpayers without children. 24, as amended by the American Rescue Plan Act (ARPA), P.L. These lapsed measures include the advance payments and other enhancements and expansions relating to the child tax credit under Sec. While pandemic relief measures that figured only on 2021 returns were welcomed by taxpayers and their advisers, those provisions’ absence from 2022 returns might mean that CPAs can get through those returns more straightforwardly. Of course, tax season is never easy, and 2023 is likely to be no exception. Following the challenges of the pandemic, CPAs approaching 2023’s tax season can perhaps take solace in a less frantic year.
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