Payment cards, Apps, Online Marketplace payments and how they are reported – Form 1099-K
You should receive a Form 1099-K if you sold a good or provided a service and were paid a gross amount more than the reporting threshold through a payment app or an online marketplace or accepted a payment from a payment card. You may have a tax obligation if you had a gain on the […]
Retirement plans and the Secure 2.0 Act – tax planning for 2024
Signed into law on December 29, 2022, the focus of the Secure Act was to increase retirement savings and simplify and clarify retirement plan rules. So, what should taxpayers be thinking about as they begin tax planning for 2024? Here are the provisions to look at – Student loan payment matching SECURE 2.0 Act Section […]
Business meal expenses – what can I deduct?
Business meals are a common expense, but what is tax deductible can be tricky to understand. For 2021 and 2022, the Consolidated Appropriations Act of 2021 created a temporary tax incentive allowing a 100% tax deduction of business-related meals purchased at restaurants. This was an increase from the standard 50% tax deduction. As of January […]
Tax Season is here! Things to think about
The IRS will begin accepting e-filed returns on Monday, January 29th. W-2 forms have been or will soon be received. What should taxpayers be thinking about? The first step is to look at your last year’s return. Did you owe money, or receive a refund? Did your financial and/or life circumstances change materially in 2023? […]
Welcome to tax season 2024! CPA tax preparers see the IRS budgeting to remain mobile and adaptable this year.
The IRS collected a single-year record of $4.9 trillion of total tax revenue from return filings in fiscal year 2022, the Treasury Inspector General for Tax Administration (TIGTA) said in a report on IRS compliance activities. In FY 2022 revenue from field collection (cases worked by IRS revenue officers through direct contact with taxpayers and […]