For taxpayers that earned $600 or more from selling goods or providing services, you will likely get a 1099-K this year. Last year you may have received a 1099-K if you had over 200 transactions that exceeded $20,000. Now, you will trigger this event even if it is a single transaction of $600 or more. These 1099-K’s will probably come from sources like Venmo, PayPal, Zelle, etc., No Need to Worry There is no need to worry though, the income will still be taxed the same, thi

Last week the IRS announced inflation adjustments for the tax year 2023 that would apply to returns in 2024. Marginal Rates for the tax year 2023 · 10% for incomes under $11,000. o $22,000 for married filing jointly · 12% for incomes over $11,000. o $22,000 for married filing jointly · 22% for incomes over $44,725. o $89,450 for married filing jointly · 24% for incomes over 95,375. o $190,750 for married filing jointly · 32% for inco

In August of 2022, President Biden signed into law the Inflation Reduction Act, part of which provided the IRS with $80 billion over a 10-year period. The belief by many GOP members of Congress was that the IRS will target more middle and low-income Americans because they are generally easier to audit. In response to that, Senate Finance Committee Chairman Ron Wyden wrote a letter to the Treasury Secretary and IRS Commissioner explaining his expectations of where the $80 bil

Over 9 million individuals and families may be qualified for tax credits and benefits but did not claim them on their 2021 tax return. On October 13, 2022, the IRS released a statement that they were sending letters to these people over the coming weeks. 2021 Recovery Rebate Credit, the Child Tax Credit, the Earned Income Tax Credit, and More The three credits listed above, are the most missed for filers and IRS Commissioner Chuck Rettig says, “We encourage people who haven’

Back in September, hope appeared when four unions, part of the coalition for National Freight Rail Bargaining, approved the agreements. In order to avoid a possible strike, all twelve unions must ratify the contract. Recently, The Brotherhood of Maintenance of Way Employees Division voted against the 5-year proposed contract. Stating that the contract did not do enough to address their concerns over paid sick time or improved working conditions. All is not lost though; The

Taxpayers beware, the IRS has recently warned of a texting scam with the purpose of stealing sensitive personal and financial information. There has been a significant increase in these types of texting scams targeted at mobile phone users. Messages from these scammers appear to be from the IRS, often offering COVID relief, tax credits, and even help setting up an IRS online account. Often, these texts will contain links where phishing websites collect their information or s

With the devastation caused by Hurricane Ian, the IRS recently announced that victims in Florida, have been granted an extended tax relief. Taxpayers now have until February 15, 2023, to file either their individual or business tax returns. The same deadline also applies to tax payments. Deadlines Extended Estimated income tax payments that were originally due January 17, 2023, have been extended to February 15th. Quarterly payroll and excise tax returns that would have be