The IRS has recently announced a delay in the implementation of changes to the reporting threshold for Form 1099-K. Form 1099-K, Payment Card and Third Party Network Transactions, is used to report third-party platform payments. Originally scheduled for 2023, the IRS has decided to postpone the implementation of greater reporting thresholds. However, they’ve cited the […]
How Long Can the IRS Audit My Taxes?
The worst thing that can happen for most taxpayers is being told by the IRS that they are being audited. However, what most people don’t realize is that there is a timeframe for how long the IRS can audit an individual. This timeframe is known as the audit statute of limitations. Taxpayers have a right to dispute […]
Free Tax Filing Pilot Program. Is Your State Included?
Tax season can be a daunting time for many Americans. The IRS hopes to ease taxpayer stress with its new free tax filing pilot program, Direct File. This initiative aims to simplify the tax-filing process and make it more accessible for all taxpayers. In this article, we will explore the key features of the program […]
Which States Have Tax Reciprocity?
If you live and work in two different states, which do you pay taxes to? State tax reciprocity is a cooperative agreement between two or more states that simplifies the tax obligations of individuals who work or live in multiple states. This arrangement alleviates the complexities associated with filing multiple state tax returns. Additionally, it […]
2024 IRS Tax Inflation Adjustments
As the calendar turns to 2024, the IRS has announced several inflation adjustments that will impact various aspects of the tax code. These adjustments are crucial for taxpayers to comprehend, as they can influence exemptions, credits, and exclusions, shaping the financial landscape for individuals and families. Earlier, we discussed the tax brackets and standard deductions […]