The IRS is rolling out new income thresholds for its seven tax brackets, boosting the limits to reflect inflation this year. Nov 10, 2023 The IRS will soon set new tax brackets for 2024. Here's what to know. The IRS is set to announce new tax bracket thresholds for the 2024 tax year...
IRS Is Sending out Identity Verification Letters to Possible Identity Theft Victims: In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer's name an
For the 2025 tax season (covering the 2024 financial year), there are specific deadlines for filing 1099 forms, which report income outside wages and salaries. Key deadlines include: January 31, 2025: Deadline for sending most 1099 forms, including 1099-NEC (Nonemployee Compensation), to the...
The IRS has a "pay as you go" system, which means you're supposed to pay taxes throughout the year as you earn or receive income, rather than sending a big lump sum to the IRS at the end of the year. If you owe more than $1,000 when you calculate your taxes,...
If you have children and a low tax bill, you may need IRS Form 8812 to claim all of your Child Tax Credit.
This "old rule" was supposed to have been dissolved at the end of last year. But to give affected parties time to prepare for the transition, reporting will continue to go by the "old rule" through December 31, 2023. So if your business or side gig earned at least $20,000 or receiv...
The form they’re sending or referencing doesn’t appear on the IRS website. You can look up the names of IRS notices and letters on the IRS website. If the type of notice you received doesn’t show up on the list, it’s probably not legit. They don’t know what an HSPD-12 car...
The IRS has suspended the mailing of various letters to help taxpayers. On February 9, 2022, the IRS announced the suspension of issuing various letters to taxpayers. This is part of an ongoing effort to provide help to people in need. The IRS will delay issuing letters such as automated ...
For supporting statements, letters, etc., arrange them in the same order as the schedules or forms they support and attach them last. Attach copies of income forms W-2, 1099, and other income documents to the front of your Form 1040. The IRS address you use depends on where you live ...
If I apply for an EIN online (https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online), it provides me with the EIN instantly. Where do I then go to download my CP575 instantly?