The IRS delayed the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. They plan a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan. Read about the policy in our latest blog post.…

Read more about IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024

The IRS and its Security Summit partners from the national tax industry and state tax agencies announced the 8th annual National Tax Security Awareness Week, set to begin November 27. Read more about the education and resources available to tax preparers in the latest edition of the blog.…

Read more about National Tax Security Week Begins November 27

The opportunity to receive a pandemic-driven tax credit is still available to taxpayers who haven’t taken advantage of it during the main Covid outbreak. But the window of time is closing fast, making filing a claim for qualifying taxpayers (tax years 2020 or 2021) a priority. Check out our latest blog post to find out how to file your pandemic tax claim in time.…

Read more about Time Running Out to File for Recovery Rebate Credit

The IRS is increasing maximum contribution amounts for 401(k) plans in 2024. Learn more about these changes and how to advise your clients on today’s blog by Bob Williams.…

Read more about Retirement Contribution Amounts Increased for 2024

It’s almost that time of year when tax professionals need to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals. Our blog post provides tips and tricks for PTIN renewal so you can hit the ground running for the new tax season.…

Read more about Time to Renew PTINs for 2024 Tax Season

The IRS is updating regulations for tax forms and filing requirements. One such regulation establishes a new threshold for electronic filing of certain returns. This change has implications for employers and taxpayers alike, as it affects the way tax-related information is submitted to the IRS. In this blog, we discuss the details of this amendment, its significance, and how it may impact employers and taxpayers in the years to come.…

Read more about Understanding the New IRS E-Filing Requirements for Forms W-2

Drake Software® Update Schools return this year in 4 U.S. cities plus our hometown of Franklin, NC! Experts from Drake Software will be sharing important updates with Users about what to expect in the 2024 Tax Season plus exciting new software updates. Read more in our latest blog post.…

Read more about Drake Software Update Schools 2023

Do you have a client worried that they may have unintentionally filed an inaccurate claim for the Employee Retention Credit? The IRS is offering a way out! Read today’s blog post for more information and resources.…

Read more about The IRS Offers a Way Out to Filers Worried About Bogus Employee Retention Credit Claims

Electric cars are skyrocketing in popularity and the IRS has taken note. In 2024 they will update their EV tax regulations and the tax credit they offer to clean vehicle buyers. Read all about it in our latest blog post.…

Read more about IRS Updates Clean Vehicle Credit Guidance

In response to a growing number of fraudulent cases, the IRS is addressing improper ERC claims to safeguard businesses. As a tax preparer, your vigilance can help protect your valued clients from scams and penalties. Read more on our latest post!…

Read more about IRS Imposes Moratorium on Improper Employee Retention Credit Claims Amid Rising Fraud Concerns