Compliance

On January 10, 2025, IRS announced tax relief for individuals and business in California affected by wildfires extending the deadline to file various federal tax returns until October 15, 2025. The extended deadline applies to a filing and payment relief as well that were originally due during from January 7, 2025, through October 15, 2025. […]

Another delay for Form 1099-k lower threshold filing. Change applies to the 11.21.2023 Blog / Post, “Tax news… Tax form 1099-ks, and more…” 2023 tax filing will be as another transition year, IRS announced the effective date of the $600 threshold for Form 1099-K reporting is delayed another year till 2024, considering as a it

New IRS tax on gig-workers is here! Starting this year, Form 1099-Ks will be issued to people who are engaged in gig-work, casual sales of selling services or goods, receiving more than $600 in gross sales. New IRS rule required that third-party payment networks like PayPal, Venmo, Amazon, and Square, Airbnb, Etsy, eBay, issue Form

IRS announced tax relief for individuals and businesses affected in Israel. Qualifying taxpayers now have until Oct. 7, 2024, to file tax returns, make payments, and perform other actions that are time sensitive. This relief applies to: 2023 individual and business returns and payments (exception applies…) Quarterly estimated income tax payments (exception applies…) Quarterly payroll

IRS issued new requirement for certain businesses that receive cash payments of over $10,000 to file Form 8300 electronically starting January 1, 2024. This new requirement applies to businesses that are required to file at least 10 information returns of one or more type other than Form 8300 in year 2024. The filing is done

IRS announced the tax payments for individuals and business in parts of Florida affected by Hurricane Idalia can be deferred until February 15, 2024. Thus far 46 of Florida’s 67 counties are designated emergency areas by the Federal Emergency Management Agency! This deadline applies to individuals who had a valid extension to file their 2022

The IRS announced expansive tax relief for Hawaii wildfire victims, in Maui and Hawaii countries, announced today! Disaster relief on filing and making payments deadlines that occurred from Aug. 8, 2023, through Feb. 15, 2024, postponement period… Resulting for affected individuals and business to have until Feb. 15, 2024, to file returns and pay any

Starting May 17, 2023, IRS will offer a new sign-in option with ID.me. To access IRS e-Services, the taxpayer must create a new account through ID.me. For questions and assistance regarding ID.me, please visit the Internal Revenue Service – ID.me Help Site.  For questions, please contact our office at 310.666.0244 Reference Page: https://help.id.me/hc/en-us/articles/8214940302999

Certain taxpayers can utilize an Offer in Compromise to resolve their tax debt issues! For some taxpayers’ paying full tax liability may cause financial hardship… In these situations, the taxpayer may want to consider applying for an Offer in Compromise. The taxpayer may consider the agreement, an Offer in Compromise in settling a tax debt