Page 8 - JoFA_Jan_Apr23
P. 8
TAX
CPAs rev up for
a new tax season
While 2022 returns are relatively unaffected by recent
tax law changes, a few new issues will require preparers’ attention.
By Hugo Johnson-Driscoll
ollowing the challenges of the pandemic, CPAs approach- can get through those returns more straightforwardly. These
ing 2023’s tax season can perhaps take solace in a less lapsed measures include the advance payments and other
Ffrantic year. Of course, tax season is never easy, and 2023 is enhancements and expansions relating to the child tax credit
likely to be no exception. under Sec. 24, as amended by the American Rescue Plan Act
While pandemic relief measures that figured only on 2021 (ARPA), P.L. 117-2. Also, no longer available for tax year
returns were welcomed by taxpayers and their advisers, those 2022 are ARPA’s temporary increase in the earned income
provisions’ absence from 2022 returns might mean that CPAs tax credit’s phaseout percentage to 15.3% and the increased
PHOTO BY SSTOP/GETTY IMAGES
