Tag Archives for " business taxes "

Tax Filers Must Answer New Crypto Question or Face Consequences

  • February 10, 2023

The Internal Revenue Service (IRS) issued an alert recently to taxpayers, reminding them that they must report all digital asset-related income and answer a new digital assets question on their 2022 federal

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What the Wealthy Can Fear from a New IRS Law on $600 Payments

  • December 13, 2022

A new IRS law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.Under the rule,

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What the $80 Billion in IRS Funding Means for Your Tax Return

  • December 13, 2022

Should taxpayers expect more scrutiny from the Internal Revenue Service, a chunk of whose $80 billion in additional IRS funding will pay for more auditors to ferret out tax cheats?Shortage of IRS accountants

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What Is a 1099-K? Who Gets One and How It Works

  • December 12, 2022

Simply put, a 1099-K form is a record that a third-party payment network transferred at least $600 to you during the year.Did you get paid more than $600 in 2022 for goods or services through a third-party

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Now is the Time for Year-End Tax Planning

  • November 22, 2022

With only a little while left in 2022…It’s time to review your year-end tax plans.Knowing the federal tax breaks to take advantage of and the pitfalls to avoid can save you money. Let’s start

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IRS Criminal Investigators Probe COVID Fraud

  • October 25, 2022

Billions of dollars in fraud related to pandemic relief have been uncovered by a joint division of the Internal Revenue Service's Criminal Investigation unit and the Justice Department. The division, also

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Tax Relief For Victims of Hurricane Ian in Florida

  • October 24, 2022

The Internal Revenue Service (IRS) recently announced that individuals, households, and residents who have a business anywhere in the state of Florida qualify for Hurricane Ian tax relief. Here are

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Is an Army of New IRS Agents Coming for Your Tax Dollars?

  • September 9, 2022

The Inflation Reduction Act of 2022 – new multi-billion-dollar energy, healthcare, and tax legislation – provides $80 billion to the IRS and has some people worrying about new IRS agents and audits.President

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The IRS Warns Tax Pros of ID Theft Scams

  • August 9, 2022

The Internal Revenue Service and its partners are cautioning tax professionals to beware of the latest schemes showing up as ID theft scams to steal taxpayer information through phishing emails.The IRS

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IRS Sent Erroneous Balance Due Notices to Married Filers

  • August 9, 2022

The Internal Revenue Service admitted that some married couples received erroneous or incorrect balance due notices for their 2021 tax returns.The IRS added that no immediate response to the notice or

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