Silicon Valley HiTech Accounting

02/26/2023

The IRS announced a new deadline for disaster-area taxpayers in California and parts of Alabama and Georgia. According to publication IR-2023-33 from February 24, the deadline is postponed to October 16, 2023.

IR-2023-33, Feb. 24, 2023 — Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline had bee...

02/20/2023

You may qualify for a clean vehicle tax credit up to $7,500 if you buy a new, qualified plug-in electric vehicle or fuel cell electric vehicle.

01/31/2023

In an update provided on January 11, 2023 the IRS explained relief measures for residents and businesses in counties affected by the recent storms. This tax relief delays various tax filing and payment deadlines.

According to publication IR-2023-03 from January 10, 2023, the IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business in Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo and Yuba counties qualify for tax relief. The current list of eligible localities is always available on the Tax Relief in Disaster Situations page on IRS.gov.

IR-2023-03, January 10, 2023 — California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

12/31/2022

The Internal Revenue Service increases interest rates for the calendar quarter beginning January 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. “

List of the new interest rates announced by the IRS:
• 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
• 4.5% for the portion of a corporate overpayment exceeding $10,000.
• 7% for underpayments. (taxes owed but not fully paid)
• 9% for large corporate underpayments.

According to the IRS publication IR-2022-206 from November 29, 2022, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

“Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate determined during October 2022. See the revenue ruling for details.

Revenue Ruling 2022-23 announcing the rates of interest will appear in Internal Revenue Bulletin 2022-51, dated December 19, 2022.”

IR-2022-206, November 29, 2022 — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2023.

12/12/2022

https://www.irs.gov/newsroom/get-ready-for-taxes-whats-new-and-what-to-consider-when-filing-in-2023

IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

10/20/2022

IR-2022-182, October 18, 2022 — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments.

10/12/2022

Tax extension deadlines approaching

IR-2022-175, October 7, 2022 — The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

03/19/2021

The Federal Income Tax Filing and Payment Deadline is Extended

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

01/06/2021

The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021 allowing deductions of Eligible Paycheck Protection Program expenses.

IR-2021-04, January 6, 2021 — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protectio...

05/13/2020

IR-2020-92, May 8, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.

05/11/2020

The Small Business Administration (SBA) has extended the period for returning loans received by business through the Paycheck Protection Program in order to be eligible for the Employee Retention Credit.

The Small Business Administration (SBA) has extended the period for returning loans received by business through the Paycheck Protection Program in order to be eligible for the Employee Retention Credit. As stated in the update from May 6, 2020 of Paycheck Protection Program Loans FAQs in Question 4...

04/30/2020

U.S. Treasury Secretary Mnuchin and Small Business Administration Jovita Carranza in a joint statement today announced a special measure to ensure access to the PPP loans for small lenders and their clients.

U.S. Treasury Secretary Mnuchin and Small Business Administration Jovita Carranza in a joint statement today announced a special measure to ensure access to the PPP loans for small lenders and their clients. “In order to ensure special access to the PPP loan program for the smallest lenders and th...