Category Archives for Tax News
The IRS Delays $600 1099-K Threshold for Another Year
The Internal Revenue Service recently said it would postpone the $600 threshold for reporting transactions on Form 1099-K for the second year in a row, and begin to phase in a threshold of $5,000 starting
Read MoreIRS grants $1B in penalty relief
The IRS has granted about $1 billion in penalty relief to some 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.Most
Read MoreIRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners
The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities
Read MoreThe IRS Just Announced New 2024 Tax Brackets. Here’s How to See Yours
The IRS is introducing new income limits for its seven tax brackets, adjusting the thresholds to account for the impact of inflation. That could provide a break to some taxpayers on their taxes in 2024.The
Read MoreIRS Targeting Wealthy Citizens in New Compliance Initiatives
In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over
Read MoreIRS Launches Huge Tax Enforcement Crackdown Using AI
The Internal Revenue Service (IRS) has announced that thanks to a new funding boost, it's launching a "sweeping, historic" tax enforcement initiative using AI and other cutting-edge technologies to catch
Read MoreIRS Cracking Down on Illegal Sports Betting
The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.Between 2021 and 2023, IRS criminal investigators
Read MoreIRS Will Go After ‘Complex Partnerships’ to Close Tax Loophole
The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known tax loophole.This
Read MoreIRS Updates Guidance on Handling Special State Tax Payments
The Internal Revenue Service recently issued guidance on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the
Read MoreIRS Skirted Rules on Directly Contacting Represented Taxpayers
Internal Revenue Service employees weren't always following the proper rules when it came to directly contacting taxpayers instead of their representatives like CPAs, enrolled agents, and attorneys.Represented
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