CAUTION IN FILING THE NEW 1099-K

Caution in filing the new 1099-K. The reporting threshold required by the IRS has been changed for those who have to file form 1099-K, which is used for third party settlement entities, which must issue a 1099-K. The National Taxpayer Advocate gave a warning to those who must file this form, while the (NTUF) National […]

IRS WAIVES PENALTIES FOR FARMERS FISHERMEN

IRS waives penalties for farmers fishermen. In IRS Revenue Notice 2022-13, the IRS issued a memorandum on granting a waiver of estimated tax penalties to qualifying farmers and fishermen, prompted by the inability of some of them to e-file the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations., by March 1st. The […]

BIDEN THE RICH AND TAX INCREASES

Biden the rich and tax increases. With the political winds shifting, most knew the time for tax increases on the rich was here. A lack of investment in America’s infrastructure, ahs hurt us in a competitive world, where broadband is a must, and having working bridges and highways for a functioning economy should be a […]

MAJOR COSTLY TAX MISTAKE

Major costly tax mistake. A major costly tax mistake has raised its ugly head in the Paul Manafort case. A costly tax planning lesson is in store in light of the high profile case. This tax mistake could cost a taxpayer up to $100,000, so take note. If you are hit with that tax, you […]