The IRS delayed the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They plan a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan. Read about the policy in our latest blog post.…

Read more about IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right.…

Read more about Tax Filing Tips from the IRS

No matter what strategy taxpayers use to get their income taxes filed, gathering critical documents now can help make this tax season headache-free.…

Read more about A Little Preparation Now Means Smooth Tax Filing Later

Some nine million letters are being sent later this month in a special mailing to people who haven’t had a need to file a tax return but may qualify for a Economic Impact Payment (EIP).…

Read more about IRS Readies Nine Million Letters to Non-Filers on EIPs

When someone who claims to be a tax professional tells a customer he or she can guarantee otherwise unbelievable refunds, red flags should be immediately hoisted and alarm bells rung.…

Read more about Dirty Dozen: Why It Sounds Too Good to be True

In a recent Tax Tip, the IRS reminded taxpayers that the Tax Cuts and Jobs Act (TCJA) lowered the backup withholding rate for 2018 to 24 percent.…

Read more about IRS Highlights Backup Withholding Change