Blog posts from: 2023

IRS requires a qualified appraisal to deduct charitable contribution of cryptocurrency

  • January 26, 2023
  • ShindelRock

Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer's charitable contribution deduction for a donation of more than $5,000 in cryptocurrency because she failed to...

Meet the SR Staff: Olivia Metcalfe, Intern

  • January 23, 2023
  • ShindelRock

We get to know Olivia Metcalfe, a recent graduate of Wayne State University, as she joins our ShindelRock team as a Tax Season 2022 intern: What are you doing during your internship at ShindelRock? What do you hope to come...

Meet the SR Staff: Tiara Clanton, Intern

  • January 16, 2023
  • ShindelRock

We get to know Tiara Clanton, a recent graduate of Western Michigan University, as she joins our ShindelRock team as a Tax Season 2022 intern: What are you doing during your internship at ShindelRock? What do you hope to come...

Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024

In December 2022, Congress passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much-anticipated and long-awaited retirement bill known as SECURE Act 2.0. One of the provisions of SECURE Act 2.0 that has grabbed a disproportionate...

Reporting delay for thresholds for third party payment platforms

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report...

IRS 2023 Mileage Rate Rises to 65.5 Cents Per Mile

  • January 3, 2023
  • ShindelRock

Beginning January 1, 2023, optional standard mileage rates used by the IRS to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes will be: 65.5 cents per mile driven for business use, up 3 cents...