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...
IRS sending up to $1,400 to 1 million people. Here's who qualifies. The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments." Dec 23, 2024 The IRS will soon set its new 2025 tax brackets. Here's what to...
If you have children and a low tax bill, you may need IRS Form 8812 to claim all of your Child Tax Credit.
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...
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
The agencyis sending out $2.4 billion to approximately 1 million qualifying taxpayers by the end of the month inback-stimulus payments. Read more:Earn less than $84K a year? You could benefit from this IRS tax filing program The funds will go to taxpayers who did not receive...
Get a copy of your EIN Number for your LLC from the IRS by requesting an EIN Verification Letter (147C). Here are the 5 steps to get 147c.
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 ...
It can get a little confusing to talk about the 1099 form generically. And here’s why: as we’ve hinted to above, there’s a series of 1099 forms that apply to multiple types of income, ranging from investment income to self-employment. So, if you’re trying to figure out who recei...
In the event that you are chosen for an audit, the IRS will initiate contact by sending a notification letter. The audit process can be carried out either remotely via mail or in person through a meeting at an IRS facility, your residence, your tax advisor’s office, or your place of ...