**IRS to Implement New Reporting Thresholds for 1099-K Forms from 2025** The Internal Revenue Service (IRS) has announced significant changes to the reporting thresholds for 1099-K forms, set to take effect in 2025. These modifications are expected to have a considerable impact on individuals and entities operating in the gig [...]
The Internal Revenue Service (IRS) employs the Federal Payment Levy Program (FPLP) as a significant measure to recover overdue tax debts. This program authorizes the IRS to seize federal payments to individuals and businesses that owe taxes. The program was developed in cooperation with the Department of the Treasury’s Bureau [...]
It’s vital for policymakers and the public to understand the implications of the latest Congressional Budget Office (CBO) projections regarding the full extension of the Tax Cuts and Jobs Act (TCJA). They reveal significant fiscal challenges that could impact budgetary considerations in the coming years. She highlights that extending the [...]
Acquiring professional tax resolution to reduce your debt can be a complex process, but providing the right documents is crucial to achieving success. The most important thing to remember is that the IRS will require detailed records of your financial situation in order to consider your case for tax resolution. [...]
Just when you think you’ve got your tax strategy all sorted out, adjusting your withholding allowances can shift your financial landscape. By revisiting how much tax is withheld from your paycheck, you have the power to influence your year-end tax situation significantly. Whether you want to increase your take-home pay [...]
Securing an installment agreement with the IRS can be a lifesaver for individuals struggling to pay off their tax debt. By setting up a structured payment plan, taxpayers can avoid harsh penalties and prevent the IRS from taking more aggressive collection actions. In this informative post, we will walk you [...]
With the year-end approaching, it’s important for you to consider the benefits that Health Savings Accounts (HSAs) provide. HSAs not only allow you to save money for healthcare expenses but also offer tax advantages that can enhance your financial strategy. By leveraging these accounts before the year concludes, you can [...]
With the year-end approaching, it’s important for you to consider the benefits that Health Savings Accounts (HSAs) provide. HSAs not only allow you to save money for healthcare expenses but also offer tax advantages that can enhance your financial strategy. By leveraging these accounts before the year concludes, you can [...]
Business owners have experienced significant changes in the landscape of legal business forms since the Tax Cuts and Jobs Act (TCJA) was enacted in 2017. This landmark legislation altered how various entities are taxed, prompting individuals and organizations to reevaluate their legal structures. He, she, and they must consider the [...]
When considering an installment agreement for tax debt reduction, it’s crucial to carefully review the terms and conditions to ensure you are making the best decision for your financial situation. Pay close attention to the interest rates, payment amounts, and penalties that may apply. Additionally, be wary of any hidden [...]