After two years of delays, the IRS plans to finally implement its new 1099-K reporting requirement for anyone earning income via third-party payment apps like PayPal, Venmo, Cash App or Zelle. Originally slated to go live in 2022, this IRS reporting change would have payment apps report income over $600 to the tax agency. Previously, third-party apps … Read more
It’s almost time for the 2024 tax season, and it can be a good idea to get a head start on your filing. You’ve got a bit over three months until the tax day deadline, and the average taxpayer takes 13 hours to finish their tax return. If you’re looking to get started as early as … Read more
The IRS building in Washington D.C. The IRS recently announced a major tax enforcement initiative that will increase scrutiny on high-income earners, partnerships and people with foreign bank accounts. The agency said the effort would “restore fairness to [the] tax system” by focusing on wealthy taxpayers who have seen sharp declines in audit rates over … Read more
A sign sits outside Banque Pictet & Cie SA in Geneva, Switzerland, on Friday, Oct. 16, 2015. Luke MacGregor | Bloomberg | Getty Images A major Swiss bank admitted to conspiring with U.S. taxpayers and others to hide over $5.6 billion from the Internal Revenue Service, the Department of Justice announced Monday. Banque Pictet, the … Read more
Last month, the Internal Revenue Service announced it would delay a tax reporting law requiring third-party payment services like PayPal, Venmo, Cash App or Zelle to report earnings over $600 to the IRS. This rule applies only to income receive through payment apps and not money sent to friends and family. The tax rule was also delayed … Read more
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An Internal Revenue Service pilot might just eventually bring US citizens a free direct-file alternative to commercial options like TurboTax and H&R Block. Yesterday, the agency announced that 13 states are joining its pilot program for the 2024 filing season, four of which will also be able to integrate their state taxes into the pilot. … Read more
WASHINGTON (AP) — Charles and Kathleen Moore are about to have their day in the Supreme Court over a $15,000 tax bill they contend is unconstitutional. The couple from Redmond, Washington, claim they had to pay the money because of their investment in an Indian company from which, as Charles Moore, 62, said in a … Read more
Folks who made a killing reselling tickets to some of the year’s hottest concerts like Taylor Swift, Beyoncé — or even big sporting events like Lionel Messi’s Miami games — are gonna have to pay up, courtesy of the IRS. New rules for the 1099-K form say those who unloaded tickets on StubHub or Ticketmaster, … Read more
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We’re a bit of nearer to attending to file our taxes straight with the IRS. The company simply submitted a report back to Congress detailing plans to launch a check run of free, government-run tax submitting software program for the 2024 submitting season. If the free direct e-file system is profitable and the federal government … Read more