W-2G Threshold Revisited (Again)
The push to increase the W-2G threshold for slot machines has seemingly become an annual occurrence. The legislation introduced last year
IRS Clarifies 1099-K Threshold for 2023 & 2024
The IRS announced that the proposed $600 threshold for 1099-Ks will not be implemented in 2023.
Are GoFundMe Donations Deductible?
The IRS allows an income tax deduction for charitable contributions to qualified organizations. You must itemize to take advantage of the deduction
Update on 1099-K Reporting
At the end of 2022, the IRS announced it was delaying the implementation of the new 1099-K reporting requirement.
FBARs Due October 16
We are almost a month away from the October 16th extension deadline. While this is mostly acknowledged as the extended
Security Breaches: What to Know About Your Sensitive Data
A congressional report released earlier this summer confirmed H&R Block, TaxAct and TaxSlayer shared sensitive taxpayer data with Meta and Google.
What’s the Easiest Way to Pay Your Tax?
Although it’s been almost two months since the April 18th deadline, I know there are many people who have yet to pay the tax owed
IRS Processing Times Improve; Automated Notices Returning
Six months ago, the IRS was facing record-long processing times and it was nearly impossible to speak to an IRS representative on the phone.
2023 Filing Season Updates
As the 2023 filing season gets into full swing, let’s discuss a few updates from the IRS:
Updated IRS Guidance on Donated and Worthless Crypto
If you are thinking about making a charitable contribution, or trying to determine the impact of worthless digital assets, the IRS released a new memo
2023 Filing Season to Begin Jan. 23
The IRS announced it will begin accepting electronically filed returns (for individuals) on January 23. This will mark the beginning
Updated Mileage Rates and Other 2023 Considerations
The IRS released the standard mileage rates for the 2023 tax year:
2023 Retirement Account Changes: SECURE 2.0
On Thursday, President Biden signed into law the SECURE 2.0 Act of 2022. Overall, this plan contains a ton of advantages for retirement savings, including
IRS Delays Updated 1099-K Reporting
The IRS (rightly) decided to delay the new 1099-K reporting requirements for Third Party Settlement Organizations (such as Paypal, Venmo and CashApp).
IRS Cracks Down on Line-Blocking Calls
If you have tried to contact the IRS recently, then you know how difficult it is to speak to an agent on the phone. A majority of callers will hear the dreaded “due
"Where's My Refund" Tool Updated
The IRS updated the “Where’s My Refund” tool to allow taxpayers to view the status of their refund from the prior three years. Before this change, it was
Stolen Goods Still Subject to Tax
A Philadelphia man was charged with filing a false tax return for his dealings in stolen copper and scrap metal. Michael Garrison raided power plants for any