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WASHINGTON — The Treasury Department and Internal Revenue Service today announced the expansion of one of their programs for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools, churches and charities, to use the same individually designed retirement plan determination letter program currently used by qualified […]
As a general rule, you must meet both the strict “ownership and use” tests to qualify for the massive home sale exclusion when you sell your primary residence. But it doesn’t necessarily have to be an all-or-nothing proposition. In fact, you may be in line for a partial exclusion in certain situations. Basic premise: To qualify […]
WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. There is no change to the taxability of income; the only […]
WASHINGTON — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third parties often charge large upfront […]
WASHINGTON — The Internal Revenue Service today urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023. Life brings constant changes […]
WASHINGTON — The Internal Revenue Service today reminded employers to file the next quarterly payroll tax return by the approaching October 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the IRS strongly encourages e-filing. E-filing is the most secure, accurate method to file returns and saves taxpayers’ time. […]
WASHINGTON — Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside […]
WASHINGTON — The Internal Revenue Service today warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified and reported thousands of fraudulent domains tied to multiple MMS/SMS/text scams (known as smishing) targeting taxpayers. In recent months, and especially in the […]
WASHINGTON — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan)PDF. The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan […]
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