Tag Archives: Internal Revenue Service

[ad_1] Editor’s Note: Edward J. McCaffery is Robert C. Packard Trustee Chair in Law and a professor of law, economics and political science at the University of Southern California. He is the author of “Fair Not Flat: How to Make the Tax System Better and Simpler” and founder of the …

[ad_1] New York CNN  —  Anyone getting paid for their goods and services through apps like Venmo, PayPal or CashApp, or platforms like Etsy and Airbnb, just got a reprieve from the IRS. Following concerns expressed by the tax community, the electronic transactions industry and some lawmakers, the IRS said …

[ad_1] If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023. In a release last week, the IRS urged “early filers” to watch for Form 1099-K, which reports income for …

[ad_1] Cn0ra | Istock | Getty Images The end of the year is an important time for making financial decisions that can have an impact in the year ahead — and for years to come. From your work to your savings and investments to spending and giving back, here are …

[ad_1] Charday Penn | E+ | Getty Images If you’ve accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. But there’s still time to reduce your tax liability, according to financial experts.  “There’s no …

[ad_1] Tom Werner | DigitalVision | Getty Images Certain tax credits have been reduced  One possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have been reduced for 2022, explained certified financial planner Cecil Staton, president and wealth advisor …

[ad_1] If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS.  Typically, you get a federal refund when you’ve overpaid yearly taxes or withheld more than the amount you owe. Your annual balance is based on taxable income, calculated by …

[ad_1] Bill Oxford | E+ | Getty Images If your tax refund is still in limbo, there’s good news: Your balance may be accruing interest, and the rate increases to 7% from 6% on Jan. 1, according to the IRS. As of Nov. 18, there were 3.4 million unprocessed individual …

[ad_1] New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares.  While there aren’t that many tax changes that will affect small businesses in the upcoming tax season, what is new — coupled with evergreen tax issues …

[ad_1] Washington CNN  —  Former President Donald Trump repeatedly told his onetime White House chief of staff, John Kelly, that he wanted the Internal Revenue Service to investigate his political foes, Kelly told The New York Times. Among the people Trump wanted to “get the I.R.S. on” were former FBI …