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Taxpayers May Receive Form 1099-K for Transactions Above $600, IR-2022-189

The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. Before 2022, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. However, now, a single transaction exceeding $600 can trigger a 1099-K The Service emphasized that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. Taxpayers can access Form 1099-K, its instructions and a set of answers to frequently asked questions on the IRS web site.

In addition, the Service reminded taxpayers that they must pay income tax either through withholding or estimated tax payments. Taxpayers should use estimated tax payments to pay other taxes such as self-employment tax and the alternative minimum tax. IRS Publication 17, Your Federal Income Tax (for Individuals), provides general rules to help taxpayers pay the income taxes they owe. Additional helpful information is available in Chapter 5, Business Income, of Publication 334, Tax Guide for Small Business; Publication 525, Taxable and Nontaxable Income, and on the IRS website at Understanding Your Form 1099-K.

FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]

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FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

FL - IRC conformity legislation passed

The Florida Legislature passed legislation that would update the IRC conformity tie-in date for determining corporate income tax liability. H.B. […]

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FL - IRC conformity legislation passed

FL - Community contributions credit cap increased, live local contributions credit created

Florida increased the cap on the corporate income tax community contributions credit from $14.5 to $25 million for the 2023-2024 […]

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FL - Community contributions credit cap increased, live local contributions credit created

FAQs Issued on Upcoming Changes to COVID-19 Coverage and Payment Requirements, IR-2023-86

The IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly issued frequently asked questions (FAQs), Part 58 and Part […]

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FAQs Issued on Upcoming Changes to COVID-19 Coverage and Payment Requirements, IR-2023-86

IRS Issues Audit Technique Guide on Entertainment, Entertainment Audit Technique Guide, IRPO ¶203,990

The IRS has released a new Audit Technique Guide (ATG) designed to provide assistance in auditing individuals in various roles in the entertainment industry. The auditor must develop issues in relation to […]

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IRS Issues Audit Technique Guide on Entertainment, Entertainment Audit Technique Guide, IRPO ¶203,990

Applicable Terminal Charge and SIFL Rates Issued for Second Half of 2022, Rev. Rul. 2023-7

The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided […]

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Applicable Terminal Charge and SIFL Rates Issued for Second Half of 2022, Rev. Rul. 2023-7

Transition Period Announced for Revised Form 3115, Announcement 2023-12

The IRS today informed taxpayers and practitioners that it has revised Form 3115, Application for Change in Accounting Method, and its instructions. […]

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Transition Period Announced for Revised Form 3115, Announcement 2023-12

IRS Issues FAQs on Compensation Payments For Forced Sterilization, FS-2023-11, IR-2023-81

The IRS has issued frequently asked questions (FAQs) to provide guidance for victims who have received state compensation payments for forced, involuntary, or coerced sterilization. Some states have enacted […]

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IRS Issues FAQs on Compensation Payments For Forced Sterilization, FS-2023-11, IR-2023-81

IRS Touts Improved Customer Service in 2023 Tax Season

The Internal Revenue Service said it delivered “significantly improvedcustomerservice“ during the 2023 tax filing season and cited funds made available to it from the Inflation Reduction Act as the key […]

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IRS Touts Improved Customer Service in 2023 Tax Season

Population Figures Provided for Calculating Low-Income Housing Tax Credits, Notice 2023-22

State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds […]

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Population Figures Provided for Calculating Low-Income Housing Tax Credits, Notice 2023-22