Tax Filing Tips from the IRS
The IRS has released a list of tips to help taxpayers navigate the tax filing process. These tips are designed to minimize delays and ensure a smooth experience for all filers. Here are some of the key takeaways:
When is this year’s tax deadline? Local According to the IRS, taxes will be due on their traditional date of April 15 this year, with no holidays to interfere with that date. How soon can I expect a refund? According to the IRS, taxpayers who are eligible for refunds typically receive them within 21 days of filing if they use direct deposit, though it can take up to eight weeks for those who file with paper returns. There are several things that can delay refunds however, including items that require additional review by the IRS. Those taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit cannot receive a refund until mid-February at the earliest, as the agency has to give additional scrutiny to those returns.
Online transactions over $20,000 will be reported on a new tax form.
The IRS has announced that it will begin issuing Form 1099-K to taxpayers who received $20,000 or more in gross payments through online marketplaces or payment apps.
Introduction
The Internal Revenue Service (IRS) has announced a significant change in its reporting requirements for online transactions. This change is aimed at increasing transparency and compliance with tax laws.
What is Form 1099-K? Form 1099-K is a tax form used to report payment card and third-party network transactions. It is issued by the IRS to report payments made through online marketplaces, payment apps, and other third-party networks. The form is used to track and report payments made through these platforms, and it is an important tool for taxpayers to ensure they are meeting their tax obligations.
News is a contributor at Accountant Log. We are committed to providing well-researched, accurate, and valuable content to our readers.
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News is a contributor at Accountant Log. We are committed to providing well-researched, accurate, and valuable content to our readers.
