Taxpayers may want to wait to file their 2023 taxes as the IRS are planning to make upcoming changes for the 2023 tax year.
What are some of the possible changes:
Expansion of the child tax credit, including a larger refundable portion of the credit
Election of using prior year income for determining earned income for purposes of the child tax creditÂ
Extension of the disaster-related personal casualty losses
Increases in threshold reporting for forms 1099-NEC and 1099 MISC
Deduction for research and experimental expenditures
Extension of 100% bonus depreciation
End of employee retention credit program as well increase in due diligence requirements and penalties for ERTC promoters/material advisors