The IRS recently reminded taxpayers about the new tax-reporting threshold when receiving payments through mobile payment apps like Venmo or PayPal. If you receive $600 or more from these third-party payment platforms for work, side jobs, or selling goods, you’ll get a Form 1099-K in January.
The IRS recently announced tax year 2023 annual tax inflation adjustments, including tax rate schedules. These adjustments generally apply to tax returns filed in 2024. Here are some of the other highlights.
To help taxpayers affected by the COVID-19 pandemic, the IRS is providing penalty relief to most people who filed 2019 or 2020 returns late including those who have already paid their penalties. Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September.
The pandemic, staffing shortages, and tax law changes have all helped create a massive backlog in resolving tax notices as well as processing income tax returns and estimated tax payments. What can household employers expect?
The IRS is providing employees with more options for unused amounts in their DCAPs including an extended period for incurring expenses as a result of the COVID-19 pandemic.