IRS warns Americans over $600 threshold to report Venmo, PayPal payments The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year […]
IRS warns Americans Read More »
Issue Number: IR-2022-188 Inside This Issue 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all
401(k) limit increases Read More »
The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax
Advance Child Tax Credit Payments in 2021 Read More »
What should I do to get my advance payments? If you haven’t filed a tax return or registered with the IRS, now is the time to take action. If you’re not sure you qualify, the IRS has a three-step process that can help. Each step has a free online tool available only on IRS.gov. Step 1:
The 2021 Child Tax Credit: Three Steps to Getting Your Advance Payments Read More »
Did you wake up this morning to find an unexpected direct deposit in your bank account? You’re not alone. The Internal Revenue Service (IRS) has begun to distribute supplemental refund checks to taxpayers who paid too much in unemployment compensation tax last year, and judging from responses on social media, many recipients didn’t know it was coming.
The National Taxpayer Advocate said that at the end of May, there were 35 million tax returns that still needed to be manually processed. The backlog includes about 16.8 million paper tax returns waiting to be processed, about 15.8 million returns suspended for further review and 2.7 million amended returns. The backlog is nearly three times larger
The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment. The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug.
The massive COVID rescue package President Joe Biden signed back in March — the same law that included $1,400 stimulus and the upcoming monthly payments for families — is now offering free health insurance to millions of Americans, through the end of 2021. The benefit’s zero-premium health care plans just became available, as of July 1, and
new Stimulus Benefit offers Free Health Insurance Through the end of this year Read More »
For families who want to opt out of receiving the advanced child tax credit payments that are set to start next month, the IRS now has a tool available to unenroll. The child tax credit payments, which were set up and expanded under the American Rescue Plan passed earlier this year, amount to $3,000 annually per child
IRS releases tool to let families opt out of advanced child tax credit Read More »
