A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp.
The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns
Virtual currencies like Bitcoin are classified as property. The IRS is aware of the growing popularity of this medium of exchange
Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]
Millions of taxpayers receive refunds each year. Will you be among them? Most of us will happily accept our tax refund checks, because we can usually use the money. However, it’s important to understand that refunds actually cost you money. Here’s why: * The government pays no interest on refunds. Kept in your hands, those […]