A change to 1099-K reporting is good news for IRS, taxpayers and business. The $600 reporting threshold for third-party settlement organizations is gone. In 2021, Congress passed a law requiring third-party settlement organizations, such as PayPal, Square and eBay, to send Form 1099-K to payees who are paid over $600 a year for goods and services. The rules first kicked in for 2023 1099-Ks, but IRS kept delaying them from taking effect. The OBBB repealed the 2021 change and r

Paying taxes may be the last thing on your mind as you head into a busy season of turkey, stuffing, and televised football. You may even feel tempted to hand over your income return to a professional before tax season begins. And according to a new survey, that’s not a surprise. Market research company, Talker Research , recently found that, at a certain stage in life, more than a third of taxpayers are “happy to just let professionals handle their taxes for them,” citing tha

If you’ve owned and lived in your primary residence for at least two out of the last five years , you could be sitting on a major tax break! Under current IRS rules: Up to $250,000 of your gain is tax-free  if you file as an individual. Up to $500,000 is tax-free  for joint filers. That’s right—those amounts are completely excluded from taxable income. Any gain above these limits? It’s taxed at long-term capital gains rates of 0%, 15%, or 20% , depending on your income bracke

The IRS is phasing out paper refund checks beginning after September 30, 2025. For 2024 tax returns filed under extension , the IRS strongly encourages taxpayers to include direct deposit information to avoid delays. For 2025 tax returns , taxpayers who do not provide bank account details or request an exemption will experience delayed refunds. The IRS will send a letter to these taxpayers explaining: How to provide bank account information, and How to request an exemption fr

If you are a doctor, lawyer, accountant, consultant, or any professional, the IRS has begun auditing how much Self-Employed Contribution...

Taxpayer gifted a large collection of Native American jewelry and artifacts in 2014 to the Wheelwright Museum of American Indian Museum...

If the SBA sent you a notice that you are late paying your monthly EIDL payment, make sure you timely pay your balance or call us to...

Taxpayer qualified for reasonable cause to avoid payment of the 941 quarterly payroll taxes withheld from his employee's wages. The...

Your miles earned on your credit card are NOT taxable! The IRS does not tax any extras you earn with your credit card – including miles,...

The U.S. The Supreme Court recently ruled, in Bittner v. the U.S.,469 F.Supp.3d 709 (2020), that the $10,000 penalty for failure to file...

The taxpayer challenged the IRS's denial of the taxpayer's Offer in Compromise and won! The IRS did not correctly consider the taxpayer's...

The ERTC is intended for employers who paid employees during COVID and followed the statutes and rules for obtaining the credit; however,...

The second quarter of a calendar year is made up of April, May, and June. April 10 Employees who work for tips; If you received $20 or...

This tax calendar principally covers the following federal taxes: • Income tax you withhold from your employees' wages or from nonpayroll...

This tax calendar principally covers the following federal taxes: • Income tax you withhold from your employees' wages or from nonpayroll...

The first quarter of a calendar year is made up of January, February, and March. January 10 Reporting received tips; If you received $20...

Standard Deduction Single: $12,950 Joint returns & surviving spouses: $25,900 Married filing separately: $12,950 Head of household:...

IRS is disbursing its last monthly child credit payment for 2021 on Dec. 15. Taxpayers who file a federal return next year will use...

WASHINGTON – As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra...

In Internal Revenue Service Notice 2014-21, virtual currencies like Bitcoin are classified as property. The IRS is aware of the growing...