From the Author Archive

Summer Income Tax Reminder – Did You Know? (2/2)

Americans of all ages with summer income from self-employment may need to pay estimated tax on a quarterly basis in order to avoid IRS penalties. Alternatively, if you have self-employment earnings but also work […]

Summer Income Tax Reminder – Did You Know? (1/2)

Students and other young people who earn summer income, including gig economy and other self-employment income, should prepare now for potential federal tax obligations. In particular, minors and young adults with self-employment earnings (including […]

$600 1099-K Threshold FAQs (3/3)

Here is an answer to one of the most common questions about the new over $600 1099-K rule. Why have I never gotten 1099-K forms from payment processors before? Prior to tax year 2022, […]

$600 1099-K Threshold FAQs (2/3)

Here is an answer to another one of the most common questions about this new over $600 1099-K rule. When will I receive a 1099-K form if my payments exceed the threshold? Third-party payment […]

$600 1099-K Threshold FAQs (1/3)

Here is an answer to one of the most common questions about this new over $600 1099-K rule. Do payments from friends and families (splitting a check, gifts, etc.) count toward the form 1099-K […]

Lower $600 1099-K Filing Threshold for Payment Processors – Did You Know

A new IRS rule may affect millions of taxpayers who receive payments through third-party processors like PayPal, Venmo, Zelle and Square. The rule applies to payments for goods and services, including payments for independent […]

IRS Enhances “Where’s My Refund” Tool – Did You Know?

The IRS has added a new feature to the “Where’s My Refund?” tool, available online (link below) and in the IRS2Go mobile app. Previously, you could only use the tool to check your refund […]

IRS Raises Standard Mileage Rate for Second Half of 2022 – Did You Know?

In recognition of the recent rise in gas prices, the IRS has announced an increase to the optional standard mileage rate for the second half of 2022. For January 1 through June 30 of […]

Quarterly Estimated Tax Payments & Overseas Filing Deadlines – Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is June 15th, 2022. If you are a U.S […]

IRS Issues Answers to FAQ About 2021 Child Tax Credit (3/3)

Q: What happens if two different taxpayers claimed the CTC for the same qualifying child? A: In some cases, a child meets all the IRS tests to be a qualifying child for multiple taxpayers. […]