Tax Pro Plus
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Los Angeles, CA 90064
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- 1099-K Reporting Threshold Last Minute Change
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Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.
- IRS Expands Requirement to E- File Information Returns Starting in 2024
- Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax year was more than 250. The IRS issued regulations in February 2023 lowering the threshold to 10 or more returns, effective with the returns filed on or after January 1, 2024. For the most part, this means the electronic filing mandate will apply to 2023 information returns.
- Video Tips: Tax Opportunities for Low-Income Years
- Is your income lower than usual this year? Here are some tax planning opportunities you should take advantage of.
- Year-End Tax Planning Opportunities Are Here
- Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024. Here are last-minute tax issues you might consider:
- Taxes and Holiday Gift Giving
- The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits.
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