Bloomberg Tax – Dec. 15, 2021
Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS.
Recently I have had many questions about the monthly Advance Child Tax Credit Payments.
Detroit Free Press – July 29, 2021
Kiplinger – June 13th, 2021
IRS – May 17,2021
The Internal Revenue Service has announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.
The IRS states:
“There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.”
American Rescue Plan Act of 2021
3-13-2021 – Information on the Act
March 5, 2021 – Fox Business
Sept 17, 2019 – Forbes: A spokesperson from TurboTax confirmed the error.
March 10, 2019 – Forbes: Don’t Wrestle With The IRS Robots
Feb. 27, 2019 – Less withholding is the key
Feb. 20, 2019 – Remember the phone scams where the callers were allegedly from IRS?
July 16th, 2018 – Task & Purpose: About 130,000 veterans could be eligible to receive a refund for taxes they paid on disability compensation that shouldn’t have been taxed.
May 23, 2018 – The Tax adviser: The IRS warned taxpayers….
March 21, 2018 – Market Watch, Everyone likes free. Add on “tax-free,” and it’s even better.
March 15, 2018 – The IRS is more than six times more likely to challenge returns than is commonly reported.
March 2, 2018 – An IRS software program may randomly select the taxpayer
Feb 21, 2018 – Steps Victims Can Take to Minimize Effect of Data Theft.
Feb 13, 2018 – Beware of Fake Calls to Return Money to a Collection Agency
Find the full text of the Tax Cuts and Jobs Act here
Feb 11, 2018 – My bank account was frozen last week
Feb 9, 2018 – Since many Americans are employed by someone else, you may want to know: how will the new tax bill affect me as an employee?
Feb 6, 2018 – Independent contractors will be able to deduct 20 percent of their income before paying the new lower tax rates.
Jan 30, 2018 – What you need to know
Jan 29, 18 – Tax professionals advise owners not to rush into decisions based on what they believe they know about the law.
Jan 26, 18 IRS – Grandparents who work and are also raising grandchildren might benefit from the Earned Income Credit.
Jan 26, 18 – If you get a phone call or are directed to a website other than ssa.gov that is claiming to be associated with the Social Security Administration, don’t respond. It’s most likely a scam.