Upcoming Tax Deadlines

January DAY 10 Employees Who Work for Tips – If you received $20 or more in tips during December, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return.. You can use Form 4070. 16 Farmers and Fishermen – […]

New Credit Rules Could Mean Paying Less for a Clean Vehicle in 2024

Starting January 1, 2024, buyers of new and used electric (EV), plug-in hybrid (PHEV) and fuel cell vehicles may transfer the Clean Vehicle Credit to a car dealer in exchange for a lower price. These new tax credit rules will make clean vehicles affordable for a wider range of taxpayers, who previously had to wait […]

IRS Delays Implementation of New Rules for 1099-K Forms

Under a new rule enacted in 2021, third-party payment processors must issue a Form 1099-K to any individual who receives $600 or more in payments for goods or services during a year. However, IRS officials have noted that this rule could cause widespread confusion, since many transactions completed through online payment platforms have no tax […]