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Tax Highlighter

As leading tax experts, the team at Abdo wants to ensure you stay up to date on ever-changing tax laws, regulations, and news. Check back daily for our Tax Highlighter blog posts.

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Bipartisan bill provides millions in tax cuts for Minnesotans

The first bill to pass in the 2023 Minnesota legislative session will update several provisions in the state’s tax code to conform to the federal tax code for tax years 2017 through 2022.

Tax Rate Change for MinnesotaCare Taxes in 2023

The new tax rate will drop in 2023 for the Provider, Hospital, Surgical Center, Wholesale Drug Distributor, and Legend Drug Use Taxes. 

Updates to the Clean Vehicle Tax Credit Starting in 2023

Are you hoping to qualify for a clean vehicle tax credit? There’s a new list of potentially eligible plug-in electric or fuel cell vehicles purchased after 2022.

2023 Standard Mileage Rate Update

The IRS has issued the 2023 optional cents-per-mile rates used to calculate the tax deductible costs of operating a vehicle. Find the updated numbers here.

Key Provisions of the SECURE 2.0 Act

The Consolidated Appropriations Act of 2023 encompasses the SECURE 2.0 Act, with many provisions that will affect both employers and tax payers.

Qualified Charitable Distributions from IRAs

Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions like the Qualified Charitable Distribution (QCD) for those who are interested in making charitable donations.

Tax reminders for business closure

If you’re closing a business, there are important bases you may have to cover. Here’s a rundown.

FSA & 401(k) Contributions for 2023

The IRS has announced contribution updates for both 401(k) plans and employer-sponsored health Flexible Spending Accounts (FSAs). Get the latest.

More Tax Highlighters
Change in reporting rules for Form 1099-K

Did you earn more than $600 in income in 2022 from selling goods or providing services? If you received that income via third-party payment apps, you may receive Form 1099-K and the reporting rules for this form have recently changed.

Practice safe holiday giving with the Tax Exempt Organization Search tool

Holiday season is nearly here, and many taxpayers are beginning to think about giving to charity. Be on the lookout for charity scams.

Employers, beware of shady Employee Retention Credit (ERC) advisors

Employers, beware: The IRS is warning about shady third parties advising businesses to claim the Employee Retention Credit (ERC), even when they don’t qualify.

501(c)(3) Organizations prohibited from political activities

Did you know 501(c)(3) organizations are prohibited from participation in any political campaign for or against any candidate for elected public office?

Reconstructing important records after disaster or loss

If important records are destroyed in a disaster or by some other means, you may need to recreate them. The IRS offers tips for reconstructing records.

Do You Owe a “Nanny Tax” For Your Household Worker?

Did you employ a household worker in 2021? This could include a housekeeper, nanny, gardener, cook, health care worker, tutor or someone else. If so, you may owe what’s commonly called the “nanny tax.”

Fighting cryptocurrency criminals through the Crypto-Asset Reporting Framework (CARF)

It’s no secret that some international criminals use cryptocurrency for illegal transactions and to evade tax authorities. Learn how the Crypto-Asset Reporting Framework (CARF) is helping to expose and stop these law breakers.

Possible Discussion in Congress Over “Tax Extenders”

Will the fate of the so-called “tax extenders” be addressed in Congress this year? The extenders could be part of an omnibus bill, expected in December.

2023 Inflation Adjustments Released

The IRS has just released its 2023 inflation adjustments for many tax provisions. Get the latest numbers on our Tax Highlighter blog.

Year-end Tax Withholding Adjustments

With the end of the year just several weeks away are you sure you’re having the right amount of tax withheld? The IRS urges taxpayers to check their tax withholding while there’s time left.

Cyber Security Awareness Month: A reminder of “smishing”

October is Cybersecurity Awareness Month. The IRS recently warned the public of scams called “smishing” that use texts to steal personal information or download malicious code to a phone.

TCJA Permanency Act Introduced

Rep. Vern Buchanan has introduced legislation to make permanent certain individual-related and small-business-related provisions of the Tax Cuts and Jobs Act (TCJA).