Feb. 11, 2022 | Here's Where Your Tax Dollars Actually Go The taxes you pay serve an important purpose - to fund a variety of initiatives and keep the country running. Check out the breakdown here.
Jan. 27, 2022 | Congress Asks IRS to Stop Fines for Taxpayers Caught in Backlog The Internal Revenue Service is under pressure from a large group of lawmakers to stop penalties and pause automated collections from taxpayers whose returns have been caught in a processing backlog.
Jan. 13, 2022 | IRS Targets your Side Hustle in Transactions over $600 Beginning this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information.
“Until this year, the threshold was much higher ($20,000 and 200 transactions) so it didn’t affect nearly as many people,” Venmo told users in its messages about the change. “This requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.”
Jan. 13, 2022 | IRS Online Tools and Resources to Help You File Tax Returns The IRS is encouraging taxpayers to use IRS online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments and advance Child Tax Credit payments.
Read the information release here. Check out the Tools and Resources here.