The IRS has delayed the new $600 reporting threshold for Form 1099-K to 2023 to minimize confusion among taxpayers. Only those who earn over $20,000 and have more than 200 transactions need report. The IRS plans to introduce a $5,000 threshold in 2024, aligning with the American Rescue Plan Act.
The IRS drafts new Form 1040-SR tax return for seniors & 1040 updates for 2019
If you live in Florida, you know that nothing says summer more than the word “hurricane” and now we are officially in the hurricane/tropical storm season. If you’ve ever experienced any hurricane or tropical storm before, you know very well that you should start preparing for the worst-case scenario now rather than ending up completely […]
The bill is to make improvements to the Internal Revenue Services, such as modernizing technology, updating their customer service techniques, helping any tax related identity theft victims by securing their rights.
This year’s individual deadline for 2015 was April 18, 2016. What happens if it was missed? The urgency in getting your taxes filed is really dependent upon whether you’re expecting a refund or you owe additional taxes. If you are unable to file your return by the original due date, the IRS allows you […]
In a bill for highway funding extension some provisions in the bill were what you would not expect, they were tax provision that changed due dates and additional requirements. The bill was signed into law by President Barack Obama on July 31, 2015. While the tax provisions are divided between new tax return due […]
Many of you know that it is important to find a tax preparer that knows what they’re doing because in the end it affects you. This year was the start of a new program by the IRS called the Annual Filing Season Program. What this program aims to do is make sure […]
Identity theft as defined by the IRS occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. “Identity theft continues to top the Federal Trade Commission’s national ranking of consumer complaints, and American consumers […]