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1099-K Reporting Changes

IRS Delays New Form 1099-K Reporting Threshold: Your Tax Guide

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…

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ERC Moratorium

IRS’s ERC Moratorium: A Closer Look at Recent Tax Credit Developments

On September 14, 2023, the IRS issued a press release, announcing its immediate implementation of a moratorium on the processing of new ERC claims until December 31, 2023. This significant step was taken to address the growing issue of questionable Employee Retention Credit (ERC) claims and safeguard the integrity of this critical pandemic-related tax credit…

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clean energy tax credits

New Clean Energy Tax Credits

New environmental-related tax credits that benefit both individuals and small businesses are part of the recently enacted Inflation Reduction Act of 2022 (IRA). The Act also extends and changes a few existing credits. New Clean Vehicle Credit (up to $7,500) The IRA extends the current tax credits of up to $7,500 for qualifying electric vehicles,…

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inflation reduction act

Inflation Reduction Act of 2022: What you need to know

On August 16th, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA contains provisions that increase funding for Internal Revenue Service (IRS) enforcement and modernization, introduce a new corporate minimum tax and stock buyback taxes, and create significant new credits and incentives related to renewable energy development and climate change. It…

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