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 […]
Read MoreThe 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.
Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]
Read MoreThe Florida Legislature passed legislation that would update the IRC conformity tie-in date for determining corporate income tax liability. H.B. […]
Read MoreFlorida increased the cap on the corporate income tax community contributions credit from $14.5 to $25 million for the 2023-2024 […]
Read MoreThe IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly issued frequently asked questions (FAQs), Part 58 and Part […]
Read MoreThe 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 […]
Read MoreThe 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 […]
Read MoreThe IRS today informed taxpayers and practitioners that it has revised Form 3115, Application for Change in Accounting Method, and its instructions. […]
Read MoreThe 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 […]
Read More