IRS Announces Additional Identity Protection PIN Benefit
The IRS just announced another benefit of using an Identity Protection PIN (IP PIN). Beginning in the 2025 filing season, for tax year 2024 returns, the IRS will accept Forms 1040, 1040-NR, and 1040-SS even if a dependent has already been claimed on a previously filed...
IRS Announces Form 1099-K Reporting Thresholds
The IRS recently announced important changes to the reporting requirements for third-party settlement organizations (TPSOs) that handle payment card and third-party network transactions. PayPal and Venmo are examples of TPSOs. These changes, impacting Form 1099-K,...
IRS Extends Tax Deadlines for Hurricane Victims
The IRS has announced tax relief for individuals and businesses affected by recent hurricanes, including Hurricane Debby, Hurricane Helene, Hurricane Milton in Florida, and storms in Juneau, Alaska. While this relief offers a reprieve, navigating the complexities of...
Do You Pay Taxes on Settlements?
When resolving litigation, tax planning should always begin before settlement agreements are executed; otherwise, you risk losing money. With the help of an experienced tax professional, you can discover substantial opportunities to structure the litigation’s tax...
Tax Court Lacks Overpayment Jurisdiction in CDP Cases When Statute of Limitations is Up
On September 11, 2018, the Tax Court in McLane v. Commissioner ruled that the Tax Court lacked overpayment jurisdiction under Internal Revenue Code (IRC) §6512(b) where Petitioner failed to raise the refund issue within the time limits provided under IRC §6511. This...
Is Jail a Possibility If You Fail to Pay Your Taxes?
It is possible for some people to have genuinely overlooked their tax deadline and not paid their taxes that year. And in the case of other individuals, they may have neglected to pay taxes over the course of two or possibly more years due to various reasons including not having the money to do so. […]