What is a Form 1099-K? This is an IRS tax form that summarizes transactions made by third-party settlement organizations. These companies are typically payment processors such as credit card companies, PayPal, Venmo, or Square. You may receive a Form 1099-K if your business processes a significant … [Read more...] about Deferral of Form 1099-K Requirement
IRS
IRS Announces Delay For Implementation of $600 Reporting Threshold For Third-party Payment Platforms’ Forms 1099-K
The following information is from IRS.gov, Issue Number IR-2022-226: WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party … [Read more...] about IRS Announces Delay For Implementation of $600 Reporting Threshold For Third-party Payment Platforms’ Forms 1099-K
Document Retention Policies for Businesses
Setting a document retention policy for a business is no simple task because, generally, there are no specific rules. In many cases, retention policies are based on years of “best practices.” What does come into play is where there is an applicable statute of limitations, a legal requirement … [Read more...] about Document Retention Policies for Businesses
Delayed COVID-19 Relief
Many businesses are asking why the relief requested during the COVID-19 outbreak has still not arrived and wondering if there are issues with their request. According to the U.S. Treasury Inspector General for Tax Administration (TIGTA), they confirm that some businesses are waiting for relief amid … [Read more...] about Delayed COVID-19 Relief
Energy Credits and the Inflation Reduction Act
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have … [Read more...] about Energy Credits and the Inflation Reduction Act
Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Several COVID-19 related tax provisions are set to expire for the 2022 tax year: Enhanced Child Tax Credit (reverts back to $2,000 per eligible child under age 18) Enhancements to the Dependent and Child Care Credit Expansions to the Earned Income Tax Credit Charitable deduction for … [Read more...] about Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022