IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably available through the gig economy which is proliferating through many digital platforms like Uber, […]
On February 5, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms and flooding that began on December 17, 2023 in parts of Maine. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The June 17, 2024, deadline […]
IRS Still Enforcing Rule Requiring Taxpayers To Report All Cryptocurrency And Digital Asset Income On Their 2023 Federal Income Tax Returns Since 2019, Forms 1040 series, Individual Income Tax Return, includes the following checkbox question: At any time during the year, did you receive, sell, send, exchange or otherwise acquire any financial interest in any […]
Rhode Island taxpayers impacted by September 2023 severe storms, flooding and tornadoes qualify for tax relief On January 30, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, flooding and tornadoes that began on September 10, 2023 in parts of Rhode Island. These taxpayers now have until June 17, […]
Get Ready For Enforcement Of The Corporate Transparency Act Starting January 1, 2024, Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the […]
Connecticut taxpayers impacted by January flooding and severe storms qualify for tax relief On January 22, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, flooding and a potential dam breach that began on January 10, 2024 in parts of Connecticut. These taxpayers now have until June 17, 2024, […]
Tennessee taxpayers impacted by December severe storms qualify for tax relief On December 22, 2023 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms and tornadoes that began on December 9 in parts of Tennessee. These taxpayers now have until June 17, 2024, to file various federal individual […]
5 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2023 Taxes On August 16, 2022 President Biden signed the 2022 Inflation Reduction Act which has some favorable tax changes you should be aware especially now that we are approaching the end of 2023. Major Changes From The […]
New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Put On Hold … Again. Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. […]
On November 7, 2023 Ohio voters approved legalizing recreational marijuana use in the state making Ohio the 24th state to legalize cannabis for adult-use (previously Ohio legalized only medical cannabis). This measure known as “Issue 2”, allows the adult-use sale, purchase and possession of cannabis for Ohioans who are 21 and older. The measure, effective 30 days […]
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