As students and teachers head back to the classroom for a new school year, the IRS wants to remind teachers and educators that they can deduct up to $300 in out-of-pocket classroom expenses for 2023 when they file their tax return in 2024.  This is the same limit as 2022, although the limit can rise in $50 increments in future years based on inflation.  If an educator is married and filing jointly with another educator, the limit increases to $600, although it is still limited to $300 per spouse.

In September, the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of 2023 amidst concerns about an inundation of improper claims.  The IRS and tax professionals are worried that a large portion of new claims are actually ineligible, putting businesses at risk due to pressure and scams from aggressive promotors.

The IRS wants to remind employees and employers that companies which offer educational assistance programs can use them to help pay student loan obligations for their employees.  This fairly new opportunity is only available for a limited time, so employees should take advantage now, while employers can also use it as an incentive to attract and retain workers.

In late August 2023, the IRS announced that interest rates will increase for the fourth quarter of 2023, which begins October 1, 2023.  The new rates will be as follows: For individuals, 8% per year for overpayments (payments made in excess of the amount owed) and underpayments (taxes owed but not fully paid), compounded daily. […]

Many New Jersey homeowners and renters received property tax relief benefits through the Affordable Communities for Homeowners and Renters (ANCHOR) program earlier in 2023, and the next round of benefits, for tax year 2020, will be coming soon.  Changes made to the program will mean an easier application for some and more benefits for others.

In November 2022, when Pennsylvania Governor Wolf signed into law Act 122 of 2022, it established a new annual report requirement for domestic and foreign filing associations, repealing the previous decennial report requirement.