IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, the agency had announced back in November, 2023 that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions, would remain over $20,000 in payments and over 200 transactions. The Form 1099-K provides the gross amount of payment card/third party network transactions and may include a combination of different kinds of total payments received. In addition, the IRS emphasized that, just because a payment is reported on a Form 1099-K does not mean it’s taxable; so, taxpayers should take caution in reviewing the forms and determine any deductible expenses associated with the payment they may be able to claim when they file their taxes. For more details on what to do with Form 1099-K, visit the IRS website.
FS-2024-7
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
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The IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
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The IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
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The floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
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The IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
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The IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
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The IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
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The IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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