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 […]
From the taxes Tag
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
As tax filing season ends and individuals start receiving their refunds, taxpayers should be aware of a refund scam that may be making the rounds. The scammer starts by stealing taxpayer information through hacks, […]
Most taxpayers who file their returns electronically and request direct deposit generally receive their IRS refunds within 21 days. However, a variety of factors can result in longer return processing times. The IRS recently […]