Tax Corner I Blog

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IRS Increases Retirement Contribution Limits for 2023

Taxpayers are able to take advantage of increased contributions limits in 2023. As part of its changes to a group of cost-of-living adjustments, which includes increases in social security and income tax bracket changes, the federal government announced that individual employee contribution limits will increase to $22,500 from the $20,500 in 2022. Defined plan provisions […]

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Inflation Adjustments Cause Big Percentage Changes to Income Tax Brackets for 2023

Inflation has permeated every aspect of living these days and the government continues to fight against rising costs. Following last week’s Social Security Administration adjustment to cost of living increase with an increase of 8.7% for benefits, the IRS has announced adjustments to income tax brackets for 2023. While it is not new news that

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IRS Reassigns Workers

Due to shortage of resources and processing delays, the IRS is reassigning workers to handle a backlog of unprocessed papers and returns. There are approximately 23.5 million tax returns and other documents that still need to be process from the 2020 tax return season. Some of the delays are due to the IRS checking stimulus

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Most Common IRS Audits

No one likes to have an audit by the IRS but the examination that people worry about the most happen less than another type of audit referred to as adjustment audit letter. Adjustment letters simply let taxpayers know they owe additional money or that there is a change in their refund amount. This may happen

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IRS Selfie Requirement

IRS will soon require a selfie to be taken when using the account. Previously, personal biometrics were not required. IRS has been using to confirm a taxpayer’s identity which requires government ID, a selfie and copies of their bill in order to register for an account and to obtain taxpayer documents with the

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