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.