Entries by admin-wxc

NEW OFFICE HOURS DURING DECEMBER 2022

We have some important news to share with you regarding a change of schedule for the month of December. During the month of December, we will maintain slightly different office hours. The office will be open Monday-Thursday from 7:30 a.m. to 5:30 p.m., but the office will be closed on Fridays. This change will take […]

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IRS: Interest rates increase for the first quarter of 2023

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1.  Here is a complete list of the new […]

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Get Ready now to file your 2022 federal income tax return

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence. Filers can visit the Get Ready webpage […]

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Treasury and IRS expand program for approving certain retirement plans

WASHINGTON — The Treasury Department and Internal Revenue Service today announced the expansion of one of their programs for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools, churches and charities, to use the same individually designed retirement plan determination letter program currently used by qualified […]

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How to Salvage a Partial Home Sale Exclusion

As a general rule, you must meet both the strict “ownership and use” tests to qualify for the massive home sale exclusion when you sell your primary residence. But it doesn’t necessarily have to be an all-or-nothing proposition. In fact, you may be in line for a partial exclusion in certain situations. Basic premise: To qualify […]

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Service providers may receive 1099-Ks for sales over $600 in 2023

WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. There is no change to the taxability of income; the only […]

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Adjust tax withholding now to pay the proper amount of tax

WASHINGTON — The Internal Revenue Service today urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023. Life brings constant changes […]

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Employers urged to electronically file payroll tax returns by Oct. 31

WASHINGTON — The Internal Revenue Service today reminded employers to file the next quarterly payroll tax return by the approaching October 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the IRS strongly encourages e-filing. E-filing is the most secure, accurate method to file returns and saves taxpayers’ time. […]