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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • IRS Updates 1099-K Guidance

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The IRS has revised and updated its frequently asked questions (FAQs) for Form 1099-K, which reports on payments received from credit, debit and stored value cards, as well as payment apps and online marketplaces. These FAQs supersede earlier FAQs that were posted on March 22, 2023.

  • Treasury Report Shows High Return on Investment of Inflation Reduction Act

    By:
    S.J. Steinhardt
    |
    Feb 7, 2024
    The $80 billion allocated to the IRS by the Inflation Reduction Act (IRA) if fully appropriated, would yield a signficant return on investment, allowing the tax collection agency to recover nearly $561 billion in overdue and unpaid taxes over the next 10 years, higher than earlier estimates, a Treasury Department analysis showed.

  • Bill to Raise SALT Deduction Cap to $20K Advances in House

    By:
    S.J. Steinhardt
    |
    Feb 5, 2024
    Legislation that would increase, for the current tax-filing year, the $10,000 cap on the state and local tax (SALT) deduction—but only for married couples who file taxes jointly and make up to $500,000—has passed the U.S. House of Representatives’ Rules Committee. The bill, sponsored by Rep. Michael Lawler (R-N.Y.), would increase the cap to $20,000.

  • 13 Republican State AGs Seek to Stop IRS’s Free Direct File Pilot Program

    By:
    S.J. Steinhardt
    |
    Feb 2, 2024
    Thirteen Republican state attorneys general have sent a letter demanding that Treasury Secretary Janet Yellen halt the IRS's free Direct File pilot program, calling it “unnecessary and unconstitutional.” 

  • House Passes Bipartisan Tax Bill, Expanding Child Tax Credit and Reviving Breaks for Businesses

    By:
    S.J. Steinhardt
    |
    Feb 1, 2024
    The U.S. House of Representatives voted overwhelmingly in favor of tax legislation that would enhance the child tax credit for millions of lower-income families and extend tax breaks for businesses.

  • Tax Preparers Offer Mixed Reviews of IRS Improvements

    By:
    S.J. Steinhardt
    |
    Jan 31, 2024
    In her 2023 Annual Report to Congress, National Taxpayer Advocate Erin Collins said that the IRS has made great strides in certain areas but continues to lag in others . Some tax preparers agree about the improvements, but others do not.

  • IRS Resumes Processing of Applications for Acceptance Agents to Assist with ITINs

    By:
    S.J. Steinhardt
    |
    Jan 31, 2024
    The IRS has lifted a moratorium on processing applications to become an acceptance agent, for the purpose of helping individuals who need to obtain an Individual Taxpayer Identification Number (ITIN).
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