Increased 1099-K Reporting Threshold Delayed

The IRS has announced a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. Instead, the agency will treat 2023 as an additional transition year. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions inRead more about Increased 1099-K Reporting Threshold Delayed[…]

Moratorium on Processing ERC Claims Declared

Due to rising concerns about a flood of improper Employee Retention Credit claims, the IRS has announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program in order to protect honest small business owners from scams. The IRS Commissioner ordered the immediate moratorium, toRead more about Moratorium on Processing ERC Claims Declared[…]

Reconstructing Financial Records After a Disaster

Natural disasters can strike without warning, and sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help you reconstruct your important records if you’re confronted withRead more about Reconstructing Financial Records After a Disaster[…]

Tax Considerations Related to Separation and Divorce

Separation and divorce are never easy for the couples involved. In addition to all the personal issues at play, separation and divorce can impact the former couple’s tax situation as well. Am I married for tax purposes? The IRS considers a couple married for tax filing purposes until they get a final decree of divorceRead more about Tax Considerations Related to Separation and Divorce[…]