WXC Corporation Doral Miami
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Service providers may receive 1099-Ks for sales over $600 in 2023

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…
WXC Corporation Doral Miami
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Adjust tax withholding now to pay the proper amount of tax

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…
WXC Corporation Doral Miami
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IRS: Hurricane Ian victims in Florida qualify for tax relief

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…
WXC Corporation Doral Miami
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IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

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…
WXC Corporation Doral Miami
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IRS updates Information on tax credit helping businesses to hire certain categories of workers

WASHINGTON — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market,…
WXC Corporation Miami Doral
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Maximum educator expense deduction rises to $300 in 2022

WASHINGTON — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return…
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IRS announces interest rate increases for the fourth quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded…
WXC Corporation Doral Miami
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2021 tax extension filers don’t need to wait until October 17

WASHINGTON — The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don't have to wait until mid-October to file. If a taxpayer has all the necessary…
WXC Corporation Doral Miami
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Families Expected to Spend Average of $864 on Back-to-School Supplies

As inflation continues to rise, one-third of consumers (38%) said they are cutting back in other spending areas to cover the cost of items for the upcoming school year, according to the annual survey released today by the National Retail…