T2 News Room - Current Information
*** Secure 2.0 Act of 2022 *** ( Will you be impacted? )
Inflation Reduction Act of 2022
Coronavirus Tax News from the IRS (as of 1/12/2023)
Delay for $600 Reporting threshold for 1099-Ks – Dec 27, 2022
The Internal Revenue Service has announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
Clean Vehicle Tax Credits – Dec 20, 2022
The IRS has released guidance concerning the new clean vehicle tax credit. The prior law electric vehicle credit under IRC section 30D still applies through the end of the 2022 tax year using the old rules and credit amounts. However, any vehicle placed in service as of August 17, 2022 must meet the new final assembly in North America rule.
Special RMD Rules for 2021 and 2022 – Oct 11, 2022
Under the SECURE Act, the 5-year period under the 5-year rule is lengthened to 10 years (10-year rule). The 10-year rule applies regardless of whether the employee dies before the required beginning date.
The Importance of keeping good tax records – June 7, 2022
Cash Payments for Contract Labor ONLY Partially Deductible. If the taxpayer establishes that an expense is deductible but is unable to substantiate the precise amount, the Tax Court may estimate the allowable amount. In estimating, the Tax Court bears heavily against the taxpayer “whose inexactitude is of his own making”
Bloomberg Tax – Dec. 15, 2021
Sending & receiving payments through payment settlement entities such as PayPal, Zelle, Venmo Ebay & others.
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.
October 3, 2021 – Advance Child Tax Credit Payments
Recently I have had many questions about the monthly Advance Child Tax Credit Payments.
Detroit Free Press – July 29, 2021
Child tax credit money isn’t just like more stimulus cash: What to know.
Kiplinger – June 13th, 2021
NEW CHILD TAX CREDIT – 2021 Child Tax Calculator and FAQ
IRS – May 17,2021
Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit
5-14-2021 Update concerning unemployment received in 2020
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
TurboTax Glitch Led To $216 Million Tax Bill
Sept 17, 2019 – Forbes: A spokesperson from TurboTax confirmed the error.
The IRS has a computer for that!
March 10, 2019 – Forbes: Don’t Wrestle With The IRS Robots
CBS NEWS: Smaller tax refunds don’t mean higher tax payments
Feb. 27, 2019 – Less withholding is the key
Forbes: Don’t Fall For New Twist On IRS Email & Phone Scams During Tax Season
Feb. 20, 2019 – Remember the phone scams where the callers were allegedly from IRS?
Veterans: The IRS May Owe You Money, For A Change
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.
IRS to clarify rules on payments in lieu of state and local taxes
May 23, 2018 – The Tax adviser: The IRS warned taxpayers….
Why new tax rules make Roth accounts better than ever
March 21, 2018 – Market Watch, Everyone likes free. Add on “tax-free,” and it’s even better.
IRS more likely to question returns than taxpayers think
March 15, 2018 – The IRS is more than six times more likely to challenge returns than is commonly reported.
Beware, the IRS is looking for these red flags this tax season
March 2, 2018 – An IRS software program may randomly select the taxpayer
IRS – Use multi-factor authentication, when available.
Feb 21, 2018 – Steps Victims Can Take to Minimize Effect of Data Theft.
Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds;
Feb 13, 2018 – Beware of Fake Calls to Return Money to a Collection Agency
115th Congress TAX CUTS AND JOBS ACT
Find the full text of the Tax Cuts and Jobs Act here
Tax Cuts and Jobs Act, The Pure Law
TurboTax user hacked, gets bank account frozen after IRS refund scam: Money Matters
Feb 11, 2018 – My bank account was frozen last week
10 steps you can take to adapt to the new tax law
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?
The new tax law gives a slightly unintentional benefit to gig economy workers and independent contractors.
Feb 6, 2018 – Independent contractors will be able to deduct 20 percent of their income before paying the new lower tax rates.
Cryptocurrency and taxes:
Jan 30, 2018 – What you need to know
Tax law means new choices for small business
Jan 29, 18 – Tax professionals advise owners not to rush into decisions based on what they believe they know about the law.
Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC
Jan 26, 18 IRS – Grandparents who work and are also raising grandchildren might benefit from the Earned Income Credit.
Scammers impersonate the Social Security Administration
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.