by Steven J Weil, PhD, EA, LCAM | Jan 18, 2023 | Uncategorized
The answer is: forever if you fail to file the tax return. But if you file the required returns and just can’t pay then the amount of time the IRS has to collect is limited by the IRS’s Collection Statute of Limitations. The IRS Collection Statute Expiration Date...
by Steven J Weil, PhD, EA, LCAM | Jan 16, 2023 | Uncategorized
President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...
by Steven J Weil, PhD, EA, LCAM | Jan 13, 2023 | Blog, Personal Tax
A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...
by Steven J Weil, PhD, EA, LCAM | Jan 11, 2023 | Blog, Business Tax
The IRS has announced the new 2023 standard mileage rates. The rate for business use of an auto increases 3 cents per mile, from 62.5 cents in 2022 to 65.5 cents for 2023. The standard mileage rate for medical miles remains 22 cents per mile for 2023 (the remaining...
by Steven J Weil, PhD, EA, LCAM | Jan 9, 2023 | Accounting, Blog
A recent investigation by the Department of Labor (DOL) found that 11 franchisees in 6 states of the Utah-based Crumbl Cookies bakery company violated federal child labor laws. According to the Fair Labor Standards Act (FLSA), whether school is in session or not, 14...
