Entries by admin-wxc

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Businesses must report of Cash Payments Over $10,000, beginning January 1, 2024

WASHINGTON —The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Businesses that receive more than $10,000 in cash must […]

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Interest rates increase for the fourth quarter 2023

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here is a complete list of the new rates: 8% for overpayments (payments made in excess of the amount owed), […]

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Florida E-Verify Requirement Effective July 1, 2023

Starting July 1, 2023, Florida now requires that employers verify their new employee’s employment eligibility using E-Verify in addition to the Federal Form I-9. This new requirement applies only to employers where the new employee will be the 25th or greater employee performing services in Florida at the time of the new employee’s employment verification. […]

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IRS ends unannounced officer visits to taxpayers

WASHINGTON — As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice by IRS revenue officers, the […]

The Tax Payoff for Life Insurance

No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Background: Although there are many variations of permanent whole life insurance, let’s stick with the basics. Typically, […]

Tax Issues When Selling a House After a Divorce

What are the tax consequences regarding a home sale if you and your spouse split up or divorce? The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can exclude from tax up to a half million dollars of their profit […]

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Special options available to help taxpayers who missed the April deadline

WASHINGTON — The Internal Revenue Service today encouraged taxpayers who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid a larger late-filing penalty. Penalties and interest can grow quickly. The IRS reminded taxpayers about important […]

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Time is running out for refunds

WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Available data […]

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Returning to the Office? The Remote Work Reckoning

The list of companies requiring their employees to return to the office at least a few days per week keeps growing, and it includes many well-known names. Some have been met with a strong response from their employees — and not an enthusiastic one. How these back-to-the-office mandates impact retention and recruiting at these companies remains […]