Recent Articles
The $600 Threshold for 1099-K Reporting, according to the AICPA, is too little and out-of-date
The $600 threshold was established by Internal Revenue Code Section 6041 in 1954, and it does not take inflation into consideration. The American Institute of CPAs expressed serious concerns about the Form 1099-K, Payment Card and Third Party Network Transactions,...
The Internal Revenue Service has issued guidance on the new Sustainable Aviation Fuel Credit.
It covers fuel mixtures with sustainable aviation fuel that are sold or used in the years 2023 and 2024. The Sustainable Aviation Fuel (SAF) credit is a new tax incentive introduced by the Inflation Reduction Act of 2022. On December...
The IRS advises early filers to postpone their filing until 2023.
The IRS has changed the way it generates 1099-Ks, which is why it is issuing this warning. For taxpayers who typically file returns in late January or early February, the IRS offers the following advice: In 2023, you might want...
The deadline for establishing a flexible spending account is approaching
FSA contributions must be made by December 31; however, some companies let you roll over a portion of the unused funds. Flexible spending accounts (also known as FSAs or flex accounts), which are set up through your employer, enable staff...
The IRS has issued new rules for manufacturers and sellers of clean vehicles.
Vehicles must follow the procedures outlined in the new guidance in order to qualify for one or more clean vehicle tax credits. On December 12, the IRS published a revenue procedure that outlines the essential procedures for creating and selling...
The deadline for Real ID has been extended until 2025.
The deadline for when passengers must have a federally required identification card for domestic flights has been again extended by the U.S. Department of Homeland Security. Five months before the most recent Real ID deadline, the U.S. The federally required...