The Internal Revenue Service (IRS) has recently made an important announcement regarding changes to the Form 1099-K reporting threshold for third-party payment organizations, such as payment apps and online marketplaces. In response to feedback from taxpayers, tax professionals, and payment processors, the IRS has delayed the implementation of the new $600 reporting threshold until tax…
Starting on January 1, 2024, over 30 million businesses, including U.S. corporations, limited liability companies (LLCs), and foreign entities operating in the United States, will face new obligations under the Beneficial Ownership Information (BOI) Reporting requirement. In this guide, we will thoroughly explore the specifics of BOI reporting, exemptions provided by the CTA, and the…
After more than three years, student loan borrowers are once again required to make payments, which started in October. However, the Biden administration has introduced a lifeline known as the ‘On-Ramp Period,’ extending until September 30, 2024, which provides temporary relief from the harsh consequences of defaulting on student loans. While this period safeguards borrowers’…
Charitable donations offer a meaningful way to contribute to important causes while also potentially providing tax advantages. We’ll delve into various types of charitable donations, strategies to maximize your tax savings, and how to navigate the intricate world of tax deductions related to charitable giving. Whether you’re well-experienced in charitable contributions or just starting to…