Category Archives: IRS

Is It January 9th Yet?

Last year, the IRS announced a new system for efiling 1099s (and other information returns) called IRIS.  This system would be available for both professionals and individuals (and businesses) to efile 1099s.  The system was supposed to be available on … Continue reading

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Start Your 2023 Mileage Log

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Tuesday will be the first business day of the new year for many. You may have resolved … Continue reading

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2023 Standard Mileage Rates

The IRS announced on December 29th the standard mileage rates: $0.665/mile for business use (up from $0.635/mile as of July 1, 2022); $0.22/mile for medical/moving for active-duty members of the Armed Forces; and $0.14/mile in service of charitable organizations. These … Continue reading

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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting

Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023).  First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K).  Quoting from the … Continue reading

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IRS: Don’t Call Us, Don’t Write Us

No, I’m not talking about my business: feel free to call or write us (but due to a water leak, our office is closed today, Thursday, December 8th–we’ll be in tomorrow).  Rather, I’m talking about calling the IRS and writing … Continue reading

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If You Used IRS Direct Pay on October 20th Check Your Bank Records

I love IRS Direct Pay.  It’s a simple method to make payments to the IRS for most (but not all) taxes individuals might have.  And it works…well, it works most of the time. I saw on Twitter the following: On … Continue reading

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Hurricane Ian: IRS Extends Deadline for All Floridians to February 15

The IRS announced today that because the state of Florida has been declared a disaster zone that tax deadlines for Floridians have been extended until February 15, 2023.  This includes the individual and C-Corporation extended deadline of October 17th, the … Continue reading

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The Trouble With Identity Protection Verification Notices

The IRS sends two types of Identity Protection Verification Letters: LTR 4883C and LTR 5071C.  If you receive a LTR 4883C, you must call the IRS’s Identity Protection unit so that your return is processed.  If you receive a LTR … Continue reading

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Student Loan Forgiveness: Should You File or Wait?

With President Biden’s announcement of forgiving student loans, there are some obvious questions: Will this be taxed by the IRS? Will this be taxed by the states with income taxes? Will this be upheld by the courts? When will there … Continue reading

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If You Haven’t Filed Your 2019 and/or 2020 Tax Returns, You Have One Month to Do So and Avoid Late Filing Penalties

Earlier today, the IRS announced extremely broad penalty relief for 2019 and 2020 late-filed tax returns.  Here’s the beginning of the IRS’s press release: To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice … Continue reading

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