IRS: Scammers are ‘relentless’ this tax season

IRS: Scammers are ‘relentless’ this tax season

By Jeff Stimpson for Accounting Today Talk of probationary workers, layoffs and cutbacks may be new, but one annual constant continues this season: tax scams. The Internal Revenue Service says that from email schemes to misleading tax credits, many of the most popular frauds are robust during the year but peak during filing season. “Scammers…

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2024 Tax Filing Reminders

Standard deduction amount increase. For 2024, the standard deduction amount has been increased for all filers. The amounts are: Single or married filing separately — $14,600. Head of household — $21,900. Married filing jointly or qualifying surviving spouse — $29,200. Child Tax Credit enhancements. Taxpayers eligible for the Child Tax Credit should not wait to file their…

$500-$10,000 Business Grants available! Apply Soon!

$500-$10,000 Business Grants available! Apply Soon!

The Neighborhood Community Development Fund announced business grant opportunities. The awards range from $500-$10,000.  The deadline to apply for all grants is this Friday, January 31. Don’t let the deadline scare you! The applications only take 20-60 minutes to complete, and some are open quarterly, so you can apply later if necessary. $500 Giving Joy Grant…

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IRS offers guidance on family and medical leave

By Michael Cohn for Accounting Today The Internal Revenue Service released guidance on the income and employment tax treatment of contributions and benefits offered under state paid family and medical leave programs, along with the reporting requirements.  Rev. Rul. 2025-4 includes guidance for the District of Columbia and states that have mandatory paid family and…

IRS phases in Form 1099-K threshold at $2,500 in 2025

IRS phases in Form 1099-K threshold at $2,500 in 2025

By Michael Cohn The Internal Revenue Service extended its transition relief for the new Form 1099-K information reporting threshold, setting it at $5,000 for 2024 and $2,500 in 2025 before reaching the statutory level of $600 in 2026 and thereafter. The threshold applies to payment apps and online marketplaces such as Venmo, PayPal, eBay, Etsy,…

Don’t let scammers ruin holiday gift card giving

Don’t let scammers ruin holiday gift card giving

Taxpayers should watch out for gift card scams especially during the holiday season. The IRS never asks for or accepts gift cards as payment for a tax bill. Common holiday scams Scammers may try to trick taxpayers into falling for the gift card scam. With this scam, criminals may impersonate government or collections officials and…

Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

Second ERC Voluntary Disclosure Program for improper claims is open through Nov. 22

The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…

Quarterly Tax Tips for Small Businesses

Quarterly Tax Tips for Small Businesses

Tip 1: Know What “Estimated Quarterly Taxes” Actually Means According to the Internal Revenue Service (IRS), estimated quarterly tax payments are regular (typically 4x/year) payments made by individuals and businesses to the IRS to prepay income, self-employment, and other taxes throughout the year. Just like the annual April filing, quarterly payments are based on your earnings….