What's New in 2023
Crypto Currency
With Crypto in its infancy and constantly evolving, it It’s difficult to predict where things are headed long-term, but in the coming months, experts are following things like regulation and institutional adoption of crypto payments to try and get a better sense of the market. One thing in thing in the works is Cryptocurrency regulation which can be a hot button topic, but plenty of experts say it’s actually good for investors and the industry. The near future will also bring about more institutional use of cryptocurrency, as companies like PayPal, Tesla, Square, and Amazon have been discussing options for accepting crypto payments.
The Inflation Reduction Act of 2022
This complex piece of legislation has many facets the will affect individuals and corporations. One major impact will be a 15% tax imposed on large corporations and an additional 1% tax on stock buybacks.
The IRS has been granted 10 years of funding to double the number of agents they have in an effort to enforce tax law, with this in mind it is more important than ever to ensure your tax returns are filed correctly to avoid penalties.
Individuals may also need to be aware of an extension of the IRS sec 461(l) rules, which limit an individual’s ability to use net operating losses for two additional years, and is now set to expire in 2028
There is a modification to payroll R&D credit, current law permits small businesses that may not have enough income tax liability to take advantage of their research and development credit to apply up to $250,000 of the credit towards their social security payroll tax liability. To qualify, the small business must have less than $5 million of gross receipts and be less than 5 years old.
