Recent Tax Updates
Recent Tax Updates
IRS Delays Form 1099-K Reporting for 2023
Following feedback from taxpayers, tax professionals and payment processors, the IRS announced on November 23 that the requirement that was enacted in the American Rescue Plan Act of 2021 that lowered the reporting threshold from $20,000 to $600 for third-party networks that process payments for transactions that involve the selling of goods or services will be delayed until 2024.
2023 State Tax Law Changes
Most States enacted legislation in 2023 or have tax provisions that go into effect in 2023 due to legislation passed in previous years.
2024 Tax Inflation Adjustments
The IRS announced their annual inflation adjustments for over 60 tax provisions in tax year 2024, including increases in the standard deduction and maximum EITC.
Employee Retention Credit
Over the past few months, you may have seen information in the media about the Employee Retention Credit and the most recent news that the IRS has stopped processing any new claims for this credit due to the high incidence of questionable claims being submitted to the IRS.
2024 PTIN Renewal is Now Open
Tax preparers may now renew their PTIN for 2024 by going to the IRS Tax Professional PTIN System page on the IRS website.
IRS Direct File Pilot Program
On October 17, 2023, the IRS announced more details on the new IRS Direct File Pilot which will be introduced during the upcoming 2024 filing season.
Tax Updates 2021
2021 National Cyber Security Awareness Tips
As the 2022 filing season approaches, the IRS, states, and tax industry are warning taxpayers and tax preparers to remain vigilant due to the constantly evolving threats and scams from fraudsters.
Tax Law Changes 2021
The 2021 Consolidated Appropriations legislation that was passed last December and the American Rescue Plan included the following changes to federal tax provisions and extended expiring provisions so that they are still applicable for 2021.
Child and Dependent Care Tax Credit
For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.
2021 IRS Tax Identity Theft Campaign and Tax Preparers
Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.
Taxpayer Authorizations and Tax Pro Online Account
The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.
Advance Child Tax Credit Payments Facts and IRS Update Tool
Facts about Advance Child Tax Credit
