IRS

The updated $600 Form 1099-K reporting level for third-party settlement organizations will not go into effect until 2023, according to an announcement made by the Internal Revenue Service (IRS). Payment processors, tax experts, and…

The NBC-affiliated television station WSMV has reported that a bank has suddenly unexpectedly seized $48K in a customer's account. The IRS deposited over $68,000 in overdue taxes into Torrie Jackson's and her husband's Green Dot Bank…

A new IRS rule will tax Taylor Swift and Beyonce concert ticket resellers who earned more than $600. New IRS Rule Will Tax Big Concert Ticket Resellers with Over $600 Earnings Regardless of Numbers of Transactions Under the American…

The US Treasury Department stated that beginning with the 2024 filing season, taxpayers would prefer opting out of receiving any printed contact from the Internal Revenue Service (IRS). All documents of taxpayers will be…

The IRS plans to go totally digital documents by 2025, meaning most taxpayers will be able to digitally send a bevy of tax documents and other communications to the agency next filing season. Treasury Secretary Janet Yellen and IRS…

If the Taxpayers missed the deadline for their June Tax payment, it's best to submit that money as soon as possible. Taxpayers should not wait until September to send their payment to the IRS Taxpayers have different outcomes to being…

In an effort to protect the safety of its employees and combat con artists posing as IRS agents, the Internal Revenue Service announced on Monday that it is stopping its decades-old practice of making unannounced visits to homes and…

Estate planning has been significantly impacted by the IRS Revenue Ruling 2023-2, which was published in March. This is especially true when a lifetime trust is a factor. Numerous families have started using irreversible trusts in the past…

A new study conducted by researchers at the Treasury Department, Harvard University, and The University of Sydney warns that this move could be costly. Republicans succeeded in rescinding $21.4 billion in additional funding provided…

As a self-employed worker, you must pay your estimated income tax payments on time because if you're late, you will pay penalties. And if you overpay your estimated income tax payments taxes, the IRS won't charge you, but you'll effectively…