California's Middle Class Tax Refund Is Subject To Federal Income Tax
2023-01-09 20:10
California Middle Class Tax Refund 1099-MISC
The FTB determined that the Middle Class Tax Refund (MCTR) payments may be considered federal income, and thus determined FTB had a requirement to issue forms 1099-MISC for MCTR payments of $600 or more pursuant to the controlling federal regulations. T...
Last Day To Pay Estimated Taxes is January 17th
2023-01-09 20:00
Final 2022 quarterly estimated tax payment due Jan. 17
WASHINGTON – Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes, but many who should overlook this step. The Internal Revenue Service today urged those who paid too little tax in 2022 to make a ...
IRS Delays Implementation Of $600 Threshold For Form 1099-K
2022-12-30 09:25
The IRS has announced third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting of transactions in excess of ...
IRS Asks Taxpayers To Delay Filing Their Tax Return Due To New 1099-K Forms From Venmo, PayPal, Etc.
2022-12-25 10:30
IRS suggests that early tax filers should delay in 2023
The IRS has told taxpayers who typically file their returns in late January or early February to consider waiting until later on in 2023. In a recent release, the IRS warned that early filers may receive a 1099-K form, which will track third-pa...
IRS urged to investigate TurboTax
2022-11-30 20:00
After alleging that tax preparation software provider TurboTax has been disbursing refunds to bank accounts formed without the consent of taxpayers, two U.S. Senators from New England states have requested that the IRS conduct an investigation. “Numerous taxpayers have reported that they cannot acce...
Big Tax Filing Companies Sharing Personal Info With Facebook
2022-11-30 19:50
Facebook may have collected some of your IRS filing data
The Markup reports that several tax filing services shared private taxpayer information with Facebook. Some companies listed on the website include TaxAct, TaxSlayer, and also H&R Block and Intuit. Information shared with Meta included data su...
Retirement Contribution Limits Increase In 2023
2022-10-28 21:25
IRS to make largest ever increase to 401(k) contribution limit
Millions of Americans can save more in retirement accounts next year, after inflation adjustments made by the Internal Revenue Service. According to benefits provider Milliman, employee contribution limit for 401(k) and similar workplace...
