13 May, 2024

Mynwmo

Random Posts

6 mins read

Russia and China Aim to Expand Influence at BRICS Summit in South Africa

6 mins read

Emmett Till is Remembered With a Statue in a Mississippi Village

3 mins read

Tragic Accident at Harness Race: 5-Year-Old Girl Fatally Struck by Starting Gate

7 mins read

This City In Texas Has The Highest Number Of Cold Cases In The State.

4 mins read

This City Has The Highest Cancer Rate In Illinois

IRS

3 mins read

IRS Defers Enforcement of Rule Impacting Elderly, High-Earning 401(k) Participants and Companies

Henry Campbell0Tagged , , ,

The IRS initially postponed the implementation of the new reporting requirement for Forms 1099-K by one year.  The agency has established an administrative transition period for the SECURE 2.0 Act’s catch-up contribution requirements.  Older, higher-income 401(k) members must now make their catch-up contributions into after-tax Roth accounts rather than pre-tax traditional accounts, following this new […]

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4 mins read

Taxpayer Assistance: IRS Offers Direction on State Tax Payments

Henry Campbell0Tagged , , , ,

The Internal Revenue Service (IRS) has made important information available regarding the federal tax status of special payments made by 21 states in 2022 to clear up any confusion and ensure proper tax administration.  This announcement is a comfort for taxpayers in several states who were unsure about the reporting obligations for these contributions on […]

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3 mins read

IRS Unveils Insights on Employee Retention Credit Refunds, ERC Audits, and Fraud

Henry Campbell0Tagged , , , , ,

In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a crucial lifeline for businesses grappling with unprecedented challenges.  Designed to provide relief to those who continued paying employees during lockdowns or experienced substantial drops in revenue, the ERC was a beacon of hope.  The program covered a specific period—from March […]

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2 mins read

Direct Care Workers: The $3,500 Tax Credit Proposal by Federal Lawmakers

Dewayne Vickers0Tagged , , , , , , , , ,

If a new proposal wins approval, a few direct care workers in opportunity zones could shortly receive a tax credit.  Recently, US Rep. John James (R-MI) presented the Reignite Hope Act, which, if passed, would provide direct care workers with a $3,500 tax credit.  Particularly, the measure modifies the current IRS tax code in order […]

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3 mins read

IRS: Man Accused of Masquerading as Christian Missionary, Misusing $30M+ in Donations

Henry Campbell0Tagged , , , ,

The Internal Revenue Service’s (IRS) Criminal Investigation arm is on a relentless search for Jason Gerald Shenk, a 45-year-old individual accused of orchestrating an elaborate scheme that diverted millions of dollars in donations intended for a Christian ministry in China.  This case has particularly affected members of the Amish and Mennonite communities in Ohio and […]

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2 mins read

Escalating US Child Care Expenses: Explore How This Account Can Cut Your Costs

Dewayne Vickers0Tagged , , , , , , , , , , ,

There is a reason why prospective parents are urged to save money before having children. Costs associated with child care can be excessive, and they appear to increase over time. Care.com reports that roughly 67% of parents spend 20% or more of their monthly income on child care. And on a national scale, the average […]

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2 mins read

Empowering Clean Energy: US Unveils Tax Credits to Benefit Underserved Communities

Dewayne Vickers0Tagged , , , , , , , , , , ,

Thursday, the US Treasury Department announced that eligible communities with low incomes may receive up to a 20% increase in tax credits for qualified solar and wind energy infrastructure. By offering tax credits, the Treasury Department, in cooperation with the Internal Revenue Service, intends to attract new market participants into the renewable energy sector. The […]

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2 mins read

Who Qualifies for the $3,284 Stimulus Check? All the Details You Need

Dewayne Vickers0Tagged , , , , , , , , ,

In the month of August, individuals will receive a new stimulus check worth up to $3,284 from a sum of $3.4 billion. People who are eligible for this new payment are required to satisfy certain requirements and take a few simple steps.  But why do these payments continue to be made to Americans? This is […]

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4 mins read

Accelerating IRS Refunds: The New System Explained

Henry Campbell0Tagged , , , ,

The Internal Revenue Service (IRS) has embarked on an ambitious journey towards modernization and efficiency with its newly launched paperless processing initiative.  This campaign, aimed at digitizing all tax returns filed on paper by 2025, promises to revolutionize the way taxpayers interact with the IRS.  Through this transformative effort, the IRS is set to expedite […]

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3 mins read

IRS Gets Tough on Monetized Installment Sale Deals

Henry Campbell0Tagged , , , , , ,

The Internal Revenue Service (IRS) and the Treasury Department are cracking down on certain monetized installment sale transactions that have been identified as potentially abusive tax evasion techniques.  These transactions have garnered attention as a prevalent tax scam, prompting the IRS to take swift action in combating the issue. To address this growing problem, the […]

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