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phaseout range for taxpayers without children. thresholds and ceilings, and other commonly
ARPA’s increases in the child and dependent care encountered benchmarks for individual returns, see About the
credit also expired at the end of 2021. the “Filing Season Quick Guide — Tax Year 2022” author
One ARPA-enacted change, however, still at the end of this article. Hugo Johnson-
applies to 2022 returns — the expansion of the Driscoll is a
availability of the Sec. 36B premium tax credit, by LOWER FILING THRESHOLD FOR FORM 1099-K content writer for
its increase in the applicable percentage amounts in POSTPONED AICPA & CIMA,
Sec. 36B(b)(3)(A). Also, the IRS in October issued One issue that had loomed large for 2022 returns for together as the
final regulations (T.D. 9968) that base the premium many taxpayers was the new filing requirements for Association of
tax credit’s affordability test for employer-sponsored Form 1099-K, Payment Card and Third Party Net- International
minimum coverage on the cost of covering an work Transactions. For tax years before 2022, the de Certified
employee’s family members in addition to the em- minimis amount of reportable payment transactions Professional
ployee, a change from previous regulations that had below which third-party settlement organizations Accountants.
based the affordability test on the cost of self-only had no Form 1099-K filing requirement was, for any
coverage in such instances. payee, the lesser of 200 transactions or an aggregate
Other changes for 2022, including some unre- gross amount of $20,000. But beginning with the
lated to COVID-19, could be a concern for certain 2022 tax year, the reporting threshold became $600,
taxpayers, including those with cryptoasset transac- with no minimum number of transactions — an-
tions. For businesses with vehicle expense deduc- other ARPA change. However, on Dec. 23, 2022,
tions, a midyear increase in the optional standard the IRS in Notice 2023-10 postponed the change’s
mileage rate will be a factor, and businesses with implementation until 2023, to be reflected in Forms
research or experimental (R&E) expenditures will 1099-K filed in early 2024. The added transition
face the new requirement to amortize those costs. period allows CPAs and affected clients to prepare
For a handy reference for checking important tax to meet the provision’s difficulties, which remain. A
year 2022 credit and deduction amounts, phaseout problem for some taxpayers will be that the Form