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Bipartisan Breakthrough: Congress Unveils $78 Billion Deal to Enhance Child Tax Credit and Boost Businesses

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

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

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

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

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

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…