A new IRS rule will tax Taylor Swift and Beyonce concert ticket resellers who earned more than $600. New IRS Rule Will Tax Big Concert Ticket Resellers with Over $600 Earnings Regardless of Numbers of Transactions Under the American Rescue Plan Act, a new IRS rule will tax resellers of big concert tickets, including Taylor…
The US Treasury Department stated that beginning with the 2024 filing season, taxpayers would prefer opting out of receiving any printed contact from the Internal Revenue Service (IRS). All documents of taxpayers will be digitized as soon as they arrive at the IRS. As per Treasury Department, IRS wants to process all tax returns…
The IRS plans to go totally digital documents by 2025, meaning most taxpayers will be able to digitally send a bevy of tax documents and other communications to the agency next filing season. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel unveiled the “paperless processing initiative” on Wednesday in an effort to lower the…
If the Taxpayers missed the deadline for their June Tax payment, it’s best to submit that money as soon as possible. Taxpayers should not wait until September to send their payment to the IRS Taxpayers have different outcomes to being self-employed, like setting their own time and saying no to a job that doesn’t interest…
In an effort to protect the safety of its employees and combat con artists posing as IRS agents, the Internal Revenue Service announced on Monday that it is stopping its decades-old practice of making unannounced visits to homes and businesses. Revenue officials will no longer make unannounced visits to taxpayers’ homes and businesses, “except in a…
Estate planning has been significantly impacted by the IRS Revenue Ruling 2023-2, which was published in March. This is especially true when a lifetime trust is a factor. Numerous families have started using irreversible trusts in the past ten or so years to keep their financial resources from being reduced to be eligible for government…
A new study conducted by researchers at the Treasury Department, Harvard University, and The University of Sydney warns that this move could be costly. Republicans succeeded in rescinding $21.4 billion in additional funding provided for the IRS as part of the Inflation Reduction Act The study, which analyzed Internal Revenue Service (IRS) data from approximately…
As a self-employed worker, you must pay your estimated income tax payments on time because if you’re late, you will pay penalties. And if you overpay your estimated income tax payments taxes, the IRS won’t charge you, but you’ll effectively penalize yourself. For the 2023 tax year, estimated income tax payments are due on…
The Internal Revenue Service currently released new regulations and usually responded to queries defining the requirements for qualified taxpayers who decide to provide expected credits to outside parties and guidelines for relevant organizations that make certain renewable energy credits and elect to make an optional payment election. The majority of the small print won’t be…
For people who are still promised funds by the government, the last day to request tax refunds from 2019 is quickly approaching. In a news release, the IRS noted that 1.5 million taxpayers have unpaid federal refunds and advised them to submit a tax return for the 2019 fiscal year by the last day of…