WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 
* Michael Cohn reports “IRS: Special state payments and rebates don't need to be reported” at ACCOUNTING TODAY (highlight is mine) -

“The IRS said it has determined that in the interest of sound tax administration and other factors, taxpayers in many states won't need to report these payments on their 2022 tax returns.”

The article lists the states who made special payments in 2022 at the end.  For an IRS chart of the specific state payments involved click here.

* I realize it is a little early to make any real comparison, but Ronda Lee tells us “Tax refunds are almost 11% smaller this year, early data shows” at YAHOO FINANCE -

“The average refund amount was $1,963 as of Feb. 3, down 10.8% from $2,201 the same period last year, the IRS reported. That’s based on nearly 8 million refunds the agency has distributed this year versus 4.33 million refunds disbursed last year. Still, a higher share of taxpayers have received refunds so far this year, with 48% of processed returns getting a refund compared with 33% last year at this time.”
 
* Have you checked out my TAX PLANNING RESOURCE CENTER yet?  Why not?
 
* For the self-employed who can still deduct business use of their car this from Ken Berry at CPA TAX ADVISOR - “Tax Court Shows Why Real Mileage Logs are Important”.
 
* Kay Bell reminds us “Don't miss these 24 tax deductions that don't require itemizing” at DON’T MESS WITH TAXES. 
 
She is talking about the various “Adjustments to Income”, from Page 2 of Schedule 1, that are deductible “above the line”.
 
TTFN