IRS Announcements in November 2023

The IRS has released several announcements in November 2023, including the Energy Credit Online tool for clean vehicle sellers, the 2024 tax inflation adjustments, and the delay in the Form 1099-K reporting threshold.

IRS Announcements in November 2023

IRS Announcements in November 2023

  1. Energy Credit Online Tool for Clean Vehicle Sellers: The IRS introduced the Energy Credits Online tool for clean vehicle sellers, streamlining the process for claiming clean vehicle credits.

  2. 401(k) and IRA Contribution Limits Increase for 2024: The contribution limits for 401(k) and IRAs have been raised for 2024, with 401(k) contributions now at $23,000 and IRA limits at $7,000.

  3. Review Tax Withholding to Avoid Surprises: The IRS advises a review of tax withholdings to prevent unexpected tax outcomes next year.

  4. Registration for Clean Vehicle Sellers with Energy Credits Online: Clean vehicle sellers are urged to register with the Energy Credits Online tool by December 1, 2023.

  5. Tax Inflation Adjustments for 2024: The IRS has detailed the tax inflation adjustments for the year 2024.

  6. Preparation for 2023 Federal Income Tax Returns: The IRS encourages early preparation for the 2023 tax filing season.

  7. Tax-Free Charitable Gifts from IRAs: Eligible IRA owners can make tax-free charitable gifts up to $100,000.

  8. Conservation Easement Deductions Regulation Proposal: New regulations proposed for conservation easement deductions by partnerships and S corporations.

  9. Claiming Recovery Rebate Credit for Non-Filers: The IRS reminds non-filers from 2020 and 2021 to claim the Recovery Rebate Credit.

  10. Form 1099-K Reporting Threshold Delay: The IRS announces a delay in the new reporting threshold for Form 1099-K and plans a $5,000 threshold for 2024.

View all the articles from the IRS Newsroom.