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...
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...
Make Sure You're Withholding The Proper Amount Of Tax Before Next Tax Season
2022-10-28 21:15 Adjust tax withholding now to pay the proper amount of tax WASHINGTON — The Internal Revenue Service today urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a b...
IRS Will Send Letters To Taxpayers Who May Qualify For 2021 Tax Refund
2022-10-16 09:20 Taxpayers urged to apply for unclaimed tax benefits The IRS is to send letters to more than 9m individuals and families who qualify for certain tax benefits but didn't claim them by filing a 2021 federal income tax income. The letters will be sent to households who haven't claimed the Earning Income...
IRS Extends Filings Due Date For Florida Victims
2022-10-02 16:20 IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15   WASHINGTON — Hurricane Ian victims throughout Florida now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Reve...
Alternative Options For Visually Impaired Taxpayers
2022-09-18 22:15 IRS expands services for visually impaired taxpayers The IRS is improving the accessibility of its forms, publications and correspondence to blind and visually disabled taxpayers as a result of the settlement in a lawsuit brought by the National Federation of the Blind. The settlement, which was rea...