Bipartisan Breakthrough: Congress Unveils $78 Billion Deal to Enhance Child Tax Credit and Boost Businesses
On Tuesday, senior lawmakers in Congress unveiled a bipartisan agreement aimed at expanding the child tax credit and introducing a series of tax breaks for businesses. The $78 billion deal, negotiated by House Ways and Means Chair Jason Smith (R-Mo.) and Senate Finance Chair Ron Wyden (D-Ore.), marks the culmination of months of discussions in…
IRS Delays Implementation of $600 1099-K Reporting Requirement
The IRS has announced third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting of transactions in excess of $600 will now apply…
2023 PTIN renewal period underway for tax professionals
The Internal Revenue Service urges the nation’s more than 750,000 active tax return preparers to start the upcoming 2023 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire December 31, 2022. Anyone who prepares or helps prepare a federal tax return for compensation must have a valid PTIN…
IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience
The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing. The IRS…
Interest rates remain the same for the first quarter of 2022
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates will be: 3% for overpayments (two (2) percent in the case of a corporation), 0.5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments, and 5% for large corporate…
All of Mississippi now qualifies for expanded Hurricane Ida relief; Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3
Victims of Hurricane Ida throughout Mississippi now have additional time — until January 3, 2022 — to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the recent decision by the Federal Emergency Management Agency (FEMA) to add 63 counties to its October 22 disaster declaration, the IRS…
IRS unveils new online identity verification process for accessing self-help tools
The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the: Child Tax Credit Update Portal, Online Account,…
Tax professionals can now order more transcripts from the IRS
The Internal Revenue Service today announced that, effective Nov. 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System (TDS) transcripts per client through the Practitioner Priority Service® line. This is an increase from the previous 10 transcripts per client limit. “Increasing the number of transcripts a caller can receive addresses the concerns…
IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants
The Internal Revenue Service today issued Notice 2021-63 PDF to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 PDF for using per diem rates. Previously, the IRS issued Notice 2021-25 PDF providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020, which added a temporary…
Child Tax Credit: New update address feature available with IRS online portal; make other changes by August 30 for September payment
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