EPISODE 8. 1099Ks $600 threshold delay. Highlights of Secure Act 2.0. Qualified Education Expenses best utilized when self-employed. Artwork

Taxcast With Chelsea

Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf

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Taxcast With Chelsea

EPISODE 8. 1099Ks $600 threshold delay. Highlights of Secure Act 2.0. Qualified Education Expenses best utilized when self-employed.

January 03, 2023 • Season 2023 • Episode 1

Today we’re going to review some recent changes.

1. A one-year delay to 1099K requirements - the new $600 threshold. More to come from the IRS [:43]

2. New Retirement Rules have been passed in Congress through the Secure Act 2.0 and I’ll highlight a few of the changes [4:12]

3. Let's review how to maximize Qualified Education Expenses when you’re self-employed – you’ll see it’s better than the average taxpayer. [12:58]

Links

· https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k

· https://www.forbes.com/sites/berniekent/2022/12/27/secure-20-act-allows-later-distribution-of-iras/?sh=21625f6f79a7

· https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117hr2617eas2.pdf

· https://www.finance.senate.gov/imo/media/doc/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf

· [Judith Meredith, TC Memo 1993-250 (1993).]

· [Patrick O'Donnell, 62 TC 781 (1974), affirmed in unpublished opinion 519 F.2d 1406 (7th Cir. 1975).]

· Attorney allowed to Masters Degree in Taxation: (PLR 9112003)

· [Daniel R. Allemeier, Jr., TC Memo 2005-207 (2005)] .

· [Robert C. Beatty, TC Memo 1980-196 (1980) and Frank S. Blair, III, TC Memo 1980-488 (1980).] Finally, a more recent Tax Court Summary Opinion reached the very same conclusion. [Lori Singleton-Clarke, TC Summary Opinion 2009-182 (2009).]

Connect with Chelsea:
Email: taxcastwithchelsea@proton.me
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**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf