IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

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 settlement organizations will not be...
You may qualify for an ABLE savings account

You may qualify for an ABLE savings account

IRS Tax Tip 2022-189, December 13, 2022 People with disabilities and their families can use Achieving a Better Life Experience or ABLE accounts to help pay for qualified disability-related expenses. ABLE accounts are tax-advantaged savings accounts that don’t...
Don’t let a tax mistake ruin newlywed bliss

Don’t let a tax mistake ruin newlywed bliss

Tax Tip 2022-188, December 8, 2022 When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a...
Get ready for taxes: What’s new and what to consider when filing in 2023

Get ready for taxes: What’s new and what to consider when filing in 2023

WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get...
IRS provides tax inflation adjustments for tax year 2023

IRS provides tax inflation adjustments for tax year 2023

IR-2022-182, October 18, 2022 WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides...