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Form 1099-K threshold is $5,000 for calendar year 2024

The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024…
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Many businesses must report beneficial ownership information

The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network. Because this…
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IRS releases tax inflation adjustments for tax year 2025

WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will…
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IRS warns of “mills” taking advantage of taxpayers

WASHINGTON — The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills”…
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IRS opens new process to help incorrect claims for the Employee Retention Credit

WASHINGTON — The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit. Third-party payers…
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Guidance on the Alternative Fuel Vehicle Refueling Property Credit

WASHINGTON — The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended the credit for qualified…
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Interest rates remain the same for the fourth quarter of 2024

WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded…
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Updated guidance on required minimum distributions from IRAs, other retirement plans

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE…
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IRS reminds car dealers and sellers to be aware of phishing scams

WASHINGTON — The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack…