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 1-15-2024)

2024 2/9 – Think you know what the top scam of 2023 was? Take a guess

E-mail was the #1 contact method for scammers this year

Updated, Delay for $600 Reporting threshold for 1099-Ks – 2024 2/6

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

Drake summary of what’s in the act.

The 242 page “American Rescue Plan Act of 2021”

IRS still dealing with 6.7 million 2019 returns that had not yet been processed as of Jan. 30. -IRS distributing tax refunds slower than usual this year after delayed start.

March 5, 2021 – Fox Business

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.