The IRS on Monday said that it will be updating its Where's My Refund tool to provide more detailed information to taxpayers. Previously, the site typically displayed a "generic message stating that their returns are still being processed and to check back later," the agency said. The updates...
When a taxpayer owes the IRS for unpaid taxes, the minimum payment represents the lowest amount that the IRS will accept as a payment toward the outstanding tax liability. This requirement is an integral part of fulfilling tax obligations and maintaining compliance with the IRS. It is important ...
changes, and updates from the Internal Revenue Service (IRS). Whether you are a taxpayer, accountant, or finance professional, staying up to date with the latest information will ensure a smooth and successful tax filing process.
Payment platforms like Venmo and CashApp have become the easiest way to send money to someone over the past few years, but if you're receiving payments for work through these apps, there are some important tax changes you need to know about. Ina recent press r...
The Internal Revenue Service (IRS) announced transitional reporting requirements for payments received for goods and services. These requirements will lower the Form 1099-K reporting threshold over a 3-year period from the previous threshold of more than $20,000 in goods and services transactions and...
Those income tax cuts resulted in ain all but the lowest of the seven tax brackets imposed under the current IRS regime. If Congress does not pass a law to extend the reduction, the higher rates will snap back into place, as will older provisions that set the bar lower for estate tax...
The tax law cuts the limits on deductible debt in half for married couples that file separate returns. But Sophy and Voss were not married; even if they had been, DOMA would have obliged the IRS to treat them as unmarried. In 2009, however, the IRS announced that the deductible-debt lim...
Note:The IRS e-File open date will be later in January. The IRS will accept and process returns throughout the year. The official tax filing deadline is April 15, 2025. You can file an extension, which moves the deadline to October 15,2025. However, any money owed is due by April ...
You must declare all your betting winnings to the IRS, and if you win more than $600, you need to complete a W-2G form. Sportsbooks can withhold up to 25% of your winnings as tax. You also need to include your sports betting winnings in your state income tax returns. State income ...
IRS claims that partnerships organized as state-law limited partnerships have been inappropriately exempting limited partners from SECA tax on the basis that these partners are not “limited partners” as contemplated by the statute. Cases are moving through various stages of the IRS enforcement ...