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For this year, if you had more than $5,000 in gross business transactions on a given app or platform, then you, the IRS and your state tax department should all receive a 1099-K reflecting that.
The IRS is urging small business owners who claimed a lucrative tax credit to review their application again and promptly withdraw any unqualified applications (Dan Mackenzie via Getty Images)
Since 2020, the IRS has received nearly 3.6 million ERC returns, with more than 600,000 ERC applications in the pipeline totaling $230 billion in refunds paid, according to the Journal of ...
The IRS Whistleblower Office is a branch of the United States Internal Revenue Service that will "process tips received from individuals, who spot tax problems in their workplace, while conducting day-to-day personal business or anywhere else they may be encountered." [2] Tipsters should use IRS Form 211 to make a claim. [3]
The Family and Small Business Taxpayer Protection Act is a proposed United States law that would rescind the expansion of the Internal Revenue Service included in the Inflation Reduction Act of 2022. [1] It was the first bill to be introduced in the 118th Congress.
President-elect Donald Trump’s nomination of former Rep. Billy Long as the next commissioner of the Internal Revenue Service marks a pivotal moment for America’s taxpayers, especially small ...
Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively. Employers pay various taxes (i.e. Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee. These taxes are generally not paid by the employer on the ...
Small business owners often don't have the resources to understand the IRS's filing requirements or were not aware that the ERC was retroactively available in 2023. And the payments are attractive ...