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IRS Updates December 27

IRS Updates End-December by Paul Davis $600 Reporting Threshold Delayed The IRS has announced a delay in implementing the new reporting thresholds for third-party payment platforms. Set to take effect for the upcoming tax filing season, third-party settlement organizations will now not be required to report tax year 2022 transactions on Form 1099-K to the […]

IRS Updates Mid- December

2020 Unemployment Exclusion FAQ Update The IRS has updated the frequently asked questions (FAQs) for the 2020 unemployment compensation exclusion. The updates can be found in Fact Sheet 2022-39, and include questions regarding Form 1040-X; Impact to Income, Credits, and Deductions; Receiving a Refund, Letter, or Notice; and Finding the Unemployment Compensation Amount.  New for […]

Tax Updates December 28

Special Charitable Tax Deduction The IRS and nonprofit groups remind taxpayers that there is a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 tax return. Under the temporary law, taxpayers don’t need to itemize deductions to take advantage of this pandemic-related rule; individuals can deduct up to […]

Tax Updates December 17

National Tax Security Awareness Week The IRS and Security Summit partners spent a week sharing information with taxpayers and tax professionals about security risks and how to minimize them.  Day 1: Tax scams and identity theft – identifying phishing and tax scams, protecting devices with security software and protecting your sensitive information. Day 2: Fake […]

Announcement Regarding Stimulus Payments

Announcement! Because Republic Bank has closed out their 2020 accounts in preparation for the 2021 tax season, they cannot process direct deposit stimulus payments. The payments will be sent back to the IRS for processing. Taxpayers who used Republic Bank products to receive a tax refund  or the economic stimulus refund will be receiving a […]

IRS Updates 13 December

National Tax Security Awareness Week The IRS and Security Summit partners marked National Tax Security Awareness Week earlier this month with a series of tips and reminders for consumers, taxpayers, businesses, and professionals. Advice focused on protecting your personal and financial information while online shopping, guarding against email and phishing scams, creating strong passwords, tips […]

Recent IRS Gift Card Scams

The IRS has warned about a recent gift card scams, one of the many scams that people need to be aware of. IRS GIft Card Scams These scams follow many of the traits of a typical phone scam: someone calls you from a source that you wouldn’t question. They tell you that something bad has […]

IRS Tax Updates December 2

IRS Updates Deductible Guidelines The IRS has issued guidance on some of the changes brought about by the Tax Cuts and Jobs Act (TCJA) regarding certain deductible expenses. The rules for using the optional standard mileage rates in deducting costs of operating an automobile for business, charitable, medical or moving expense purposes have been updated. […]

IRS Updates December 2

The IRS Announces Inflation Adjustments For tax year 2019 (filed in 2020) several adjustments have been made to dollar amounts. The standard deduction amount, the Alternative Minimum Tax exemption, the Earned Income Credit, foreign earned income exclusion, estate exemption amount, and adoption credit amount have all increased, and tax rates have been established for income […]