Professional Tax Consultants, Inc

11/22/2023

IRS announces delay in Form 1099-K reporting threshold for third-party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation.

The Internal Revenue Service has released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn’t expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

Please distribute this information to your networks, members and clients as soon as possible.

There are plans for an IRS National Webinar in December about Form 1099-K including these changes. Please monitor IRS.gov Webinars for Tax Professionals, and stay tuned for promotional information soon.

12/02/2021

https://www.irs.gov/newsroom/security-summit

Learn how the IRS is partnering with the other organizations to combat identity theft refund fraud to protect the nation’s taxpayers.

06/30/2021

IR-2021-135, June 28, 2021 — The Internal Revenue Service today began its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams.

04/23/2021

Despite repeatedly doubling down on the stance that first quarter estimated tax payments were due on April 15, the latest in a series of IRS system glitches has caused payments for many taxpayers not to be debited as scheduled.

04/23/2021

The Internal Revenue Service is holding 29 million returns for manual processing — delaying refunds for many — because of pandemic-related law changes, processing errors, and fraud detection.

04/21/2021

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

04/21/2021

The IRS and Treasury Department announced additional details of tax credits available under the American Rescue Plan Act of 2021 (ARPA) (P.L. 117-2) to help small businesses. https://buff.ly/2PcQgGo

01/14/2021

01/08/2021

https://home.treasury.gov/policy-issues/cares

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11/04/2020

IRS extends the deadline to register for an Economic Impact Payment for Non-Filers

To find out more, click here: https://go.usa.gov/xGzB5