[ad_1] The Internal Revenue Service (IRS) has launched an initiative for small business owners who have mistakenly claimed Employee Retention Credits (ERC). The new Voluntary Disclosure Program offers an opportunity…
Tag: IRS
IRS Cracks Down on Dubious Employee Retention Credit Claims
[ad_1] To ensure the integrity of the Employee Retention Credit (ERC) program, the Internal Revenue Service (IRS) is initiating a comprehensive crackdown on erroneous claims. More than 20,000 disallowance letters…
Venmo Tax Reporting, The IRS, and 1099-K Forms: What You Need to Know
[ad_1] Venmo tax reporting is creating a buzz in the financial ecosystem this year. The Internal Revenue Service (IRS) has initiated a new set of regulations aimed at overseeing business…
IRS Announces 2024 Mileage Reimbursement Rate; Now 67 Cents a Mile
[ad_1] The Internal Revenue Service (IRS) has released the standard mileage rates for 2024, reflecting an adjustment in the reimbursable costs of operating an automobile for different use cases. The…
eBay CEO Applauds IRS Decision to Delay 1099-K Implementation
[ad_1] IRS’s Decision: A Boon for Online Marketplaces Jamie Iannone, the Chief Executive Officer of eBay, expressed relief and appreciation toward the IRS’s decision. “Today’s announcement by the IRS is…
IRS Turns Down 20,000 Refund Claims for Covid Tax Credit
[ad_1] Updated Dec. 6, 2023 2:55 pm ET The Internal Revenue Service is rejecting more than 20,000 requests for pandemic-era tax refunds from employers that either didn’t exist or didn’t…
IRS Delays Lower Form 1099-K Reporting Threshold to Aid Small Businesses and Taxpayers
[ad_1] The Internal Revenue Service (IRS) has announced a significant delay in the implementation of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for the calendar year…
Switzerland’s Banque Pictet Pays $123 Million After Hiding Billions From the IRS
[ad_1] A major Swiss bank has admitted to conspiring with U.S. taxpayers and other clients to hide about $5.6 billion from the Internal Revenue Service. Banque Pictet, the private banking…
Why Your Small Business Could Make You an IRS Target
[ad_1] Under its new strategy of focusing on wealthy tax cheats, the Internal Revenue Service has vowed not to ramp up scrutiny of middle-class Americans. But millions of entrepreneurs who…