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The IRS Updates its Rules The world of cryptocurrency has always been a topic of interest for both investors and tax authorities. As the popularity of cryptocurrencies like Bitcoin and Ethereum has grown, so has the scrutiny from government agencies, especially the Internal Revenue Service (IRS). In a recent development, the IRS has issued updated […]

In a notable development, the Internal Revenue Service (IRS) has wielded its regulatory powers to instate a crucial alteration regarding the Form 1099-K reporting threshold for the year 2023. Traditionally, third-party settlement organizations (TPSOs) such as PayPal and Stripe were mandated to furnish merchants with Form 1099-K if they exceeded a considerable threshold of $20,000

In an era defined by rapid technological advancement, it comes as no surprise that even the Internal Revenue Service (IRS) is embracing digital transformation. The IRS has launched the Information Reporting Intake System (IRIS), a groundbreaking initiative set to revolutionize how taxpayers file their information returns. This innovative online gateway, scheduled for implementation for tax

Here is a Tutorial on the interest income from 1099-INT: Consider yourself fortunate if you get a form 1099-INT (1099 interest income) in the mail. Although it’s another tax paper work to remember, it’s also a success: It implies that throughout the past year, you most likely earned interest of more than $10. That’s quite

State Filing Requirements In 2024, 1099s are due on For Form 1099-NEC, the 1099 deadline is January 31, 2024 (Non-Employee Compensation). By January 31, copies A and B must be delivered to the IRS and contractors. Other Forms 1099 & 1096 must be submitted by February 28, 2024, if on paper, or March 31, 2024,