$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. […]

IRS Issues Answers to FAQ About 2021 Child Tax Credit (2/3)

Q: How do I respond to a notice saying that the IRS changed the CTC amount on my return? A: If you agree with the change made, you do not need to respond at […]

IRS Issues Answers to FAQs About 2021 Child Tax Credit (1/3)

The maximum credit amounts and income limits for the Child Tax Credit differed in 2021 from other years. In addition, many taxpayers received advance CTC payments, and had to reconcile these payments with their […]

Why Some Taxpayers May Receive IRS Letters

If the IRS needs to contact a taxpayer, the agency will generally send a letter in the mail rather than emailing or calling. Taxpayers may receive IRS letters for many reasons, including: The taxpayer […]

Missed the April 18 IRS Deadline? File Now to Reduce Penalties

The IRS due date for filing 2021 tax returns has passed, but taxpayers who missed the deadline still have many reasons to file as soon as possible. Both those who owe tax and those […]