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Fort Lauderdale Florida online Form 1120-X: What You Should Know

Frequently Asked Questions About the 2023 Changes in the U.S. Treasury Tax Code The federal change to the rules for reporting capital gains and losses for the 2023 tax year: • The tax rules that apply to individuals have changed. • Some existing taxpayers may incur higher rates in 2023 but may not owe any additional tax. • Income earned from working in the United States or abroad while not present for work will also be taxed normally. This applies to both ordinary income and ordinary dividends. • Individual income tax rate changes. Individuals who make qualifying distributions to their U.S. IRA will not be subject to a 2.9% surcharge as in previous years. • Dividend and capital gains tax rate changes. The new higher tax rates on ordinary dividends and qualified long-term capital gains applied beginning with the filing of the 2023 return. • Long-term capital gains tax rate changes. The tax rates on capital gains and qualified dividend income are changed effective for the 2023 tax year. • Taxable interest on short-term and other indebtedness is not deductible. How does the new tax law affect me?  The federal tax changes only apply to the 2023 tax year. The IRS advises taxpayers to refer to the new tax laws when considering which tax strategy to employ. What changes are effective for the 2023 tax year? Effective with the filing of the 2023 tax return, all taxpayers must use the new system for reporting capital gains or losses or pay any tax due on a previously unreported short-term indebtedness or on any indebtedness received after the short-term term was a qualifying longer-term debt. In addition, a taxpayer's foreign account income will be reported to the foreign tax credit system for the 2023 tax year. Individuals who elect to use the new capital gains and losses reporting system must pay any tax due on short-term indebtedness on the last day of the previous tax year. These changes will apply until the taxpayer completes the 2023 taxes. Individuals and partnerships that use the modified or extended FAST Statement of Basis of Apportionment, or the taxpayer with a modified FAST Statement of Basis that includes a capital gain treatment option, or who elect an adjusted cost base method for the gross income method of accounting, may be required to file the 2023 tax return using either the short-term or long-term method of accounting. Changes to the modified statement of basis for short-term indebtedness have more effect on taxable income than other income.

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