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IRS Announces One-Year Delay in $600 1099-K Requirement November 21, 2023
The IRS announced today a one-year delay in the $600 1099-K threshold. Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year. While the IRS phrased the announcement as resulting from “…feedback from taxpayers, tax professionals and payment processors…,” I strongly believe that the IRS isn’t […]
Russ
The Almost-End of the 2023 Tax Season November 16, 2023
It’s been a while since I posted: family issues, tax deadlines, and paper in every direction has made me concentrate on serving my clients, and not the blog. I’ll have a recap of the 2023 Tax Season soon, but today is a celebratory day: Today is the almost-end of the 2023 Tax Season. Thursday, November […]
Russ
Maine & Massachusetts Conform to IRS Hurricane Extension October 4, 2023
In the US we have a dual system of taxation: federal and state taxes. Of course, you can be a resident of a state without state income tax like me and not have to deal with state income taxes, but most Americans file two returns. On September 26th the IRS announced they were extending tax […]
Russ
An IRS Identity Protection Unit Saga: Part 4 September 22, 2023
Last week I continued the saga of my client, call him John Smith, who has been waiting and waiting to receive his 2020 tax refund. His 2020 federal return was selected for identity verification; he successfully completed that process in March 2023. His refund, though, is nowhere to be seen. Mr. Smith is not desperate […]
Russ
An IRS Identity Protection Unit Saga: Part 3 September 11, 2023
One week ago I uploaded Part 2 of my client’s ongoing saga of obtaining his 2020 tax refund. My client, call him John Smith, was supposed to either receive his refund by mid-August or we were supposed to receive a call. Mid-August came, and Mr. Smith had not received his refund (and it did not […]
Russ
An IRS Identity Protection Unit Saga: Part 2 September 5, 2023
When we last left the Identity Protection (IP) Unit saga of John Smith, he successfully verified his identity and was told he should receive his refund within nine weeks (or by May 25th). On July 12th Mr. Smith sent us a message saying he hadn’t heard a thing (nor had he received his refund). I […]
Russ
Many Floridians Receive Hurricane Extension Due to Idalia August 31, 2023
The IRS announced yesterday that victims of Hurricane Idalia have their tax filing deadlines extended until February 15, 2024. As of this moment, most of central and northern Florida including the Tampa/St. Petersburg area, Orlando, and Jacksonville are eligible for this extension. This is an extension for filing, not paying your tax. But if you […]
Russ
An IRS Identity Protection Unit Saga: Part 1 August 28, 2023
I’ve written about James Smith before. A few years ago, Mr. Smith was the victim of IRS “help” when they changed the Employer Identification Number (EIN) without his knowledge; that saga ended in 2022. Unfortunately, Mr. Smith is now suffering through an Identity Protection Unit saga with no end in sight. In 2021 Mr. Smith’s […]
Russ
Everything Is in the Best of Hands: “Security Weaknesses Are Not Timely Resolved and Effectively Managed” August 14, 2023
The Treasury Inspector General for Tax Administration (TIGTA) released a report today, and it doesn’t make for pleasant reading; it’s titled, “Security Weaknesses Are Not Timely Resolved and Effectively Managed.” If you wonder why some don’t feel confident with the IRS preparing tax returns, look no further. The summary (relating to what the IRS is […]
Russ
Vermont Flood Victims Get an Extra Month to File their Returns July 13, 2023
Many areas of Vermont have seen severe flooding over the past couple of weeks. The area has been declared a federal disaster area. The IRS announced today that impacted individuals have an extra month to file returns on extension (until November 15th); business returns on extension are also now due on November 15th. Unfortunately, today’s […]
Russ