The threshold for reporting payments for any payee during 2023 is increased from $600, regardless of the total number of transactions, to $20,000 AND more than 200 transactions.
The California Franchise Tax Board announced the evening of October 16, 2023 it is following the IRS by adopting a November 16, 2023 due date for 2022 income tax returns and payments for taxpayers who previously qualified for the October 16, 2023 due date. The relief applies to 55 of 58 California counties.
For residents of 55 of California's 58 counties that previously qualified for extended filing relief, the IRS has announced TODAY the tax-filing and tax-payment deadline has been further extended to November 16, 2023.
The IRS has announced an immediate moratorium, at least through the end of 2023, for processing new claims for the employee retention credit.
FinCEN has issued proposed regulations extending the due date for new entities created during 2024 to 90 days after creation. After 2024, the 30-day deadline will apply.
The IRS has announced a two-year administrative transition period for catch-up contributions to a qualified retirement plan (including a Section 401(k) plan) by highly compensated employees, permitting them to continue to be made on a pre-tax basis for taxable years beginning before January 1, 2026.
The Federal government will require a new report for small businesses, called the Beneficial Ownership Information Report under the Corporate Transparency Act, effective January 1, 2024.
California's State Board of Equalization (BOE) considers short-term rentals to be a trade or business, subject to personal property tax. The BOE has approved proposed Form BOE-571-STR to report the information to compute personal property tax, effective January 1, 2024. The 2024 report is due to be filed by May 7, 2024.
If you received a scheduled required minimum distribution from an IRA because you reached age 72 this year, the IRS just gave you a "mulligan". (This relief also applies for a surviving spouse.) The IRS has announced you may roll the distribution back to the account no later than September 30, 2023.
The IRS has updated its instructions to taxpayers, CA-2023-1, to state that taxpayers who receive a late filing or late payment penalty notice when the filing extension applies should call the telephone number on the notice to have the IRS abate the penalty.