CURRENT EVENTS
Form 1023 (Application for Nonprofit status)
Beginning Jan. 31, 2020, applications for recognition of exemption on Form 1023 must be submitted electronically online at www.pay.gov. The IRS will provide a 90 day grace period during which it will continue to accept paper versions of Form 1023. (Rev. 12-2017)
The 2023 business milage rate is 65.5 cents per mile.
There are seven tax rates in 2023: 10%, 12%, 22%, 24%, 32%, 35%, 37%
Capital gains tax rates remain the same (long term remaining 0%, 15%, 20%)
Gift Tax Exclusion up to $17,000
Many of the American Rescue Plan Act credits expired at the end of 2021. Some tax credits have returned to pre-pandemic levels. These credits include the Child Tax Credit, Earned Income Credit, and Child and Dependent Care Credit. Due to these changes, many taxpayers will most likely receive a significantly smaller refund compared with the previous tax year.
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