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IRS News

IRS Forms 1099 Arrive With Tax Dangers Galore

Incorrect Forms 1099 happen, so check your forms carefully and notify the payor of the error so they can issue a corrected Form 1099. A corrected Form 1099 will supersede the incorrect one. Unfortunately, there are many judgment calls companies have to make when issuing these forms.

Key IRS tax deadlines that Americans need to know

The Internal Revenue Service will kick off the 2022 tax season this month, although it's already warning taxpayers to brace for delays as the agency wrestles with a massive pileup of unprocessed returns accrued during the pandemic.

January 31 wage statement deadline reminder for employers | Internal Revenue Service

The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements.

News

U-Haul Growth Index: Florida has 10 of Top 25 U.S. Growth Cities

Taxpayer Advocate Warns Of Tax Refund Delays, IRS Buried In Paper

Still waiting for last year’s tax refund? You might be waiting for this year’s, too.

IRS Free File available today; filers can claim important tax benefits | Internal Revenue Service

The IRS announced the availability of Free File, providing taxpayers online tax preparation products available at no charge.

Here Are 4 Big Tax Mistakes to Avoid After Stock Option Moves

If you bought or “exercised” company stock options in 2021, you need to watch for tax pitfalls when filing, according to financial experts.

Puerto Rico Tax Haven Is Alluring, But Are There Tax Risks?

Among the qualifiers to the rules, you get the great benefits only on income sourced in Puerto Rico, not on everything else—which the IRS can still tax. Also, pre-move appreciation on your assets is still taxed by the IRS. The IRS and Puerto Rico are cooperating to identify cheaters too.

From The Desk of Keith L. Jones, CPA

The Offer in Compromise also known as OIC

An IRS Offer allows you to settle your past tax debt for less than the full amount you owe and maybe the right IRS tax resolution for your needs.