The IRS seeks public input regarding the proposed Service Industry Tip Compliance Agreement (SITCA) program. The Service Industry Tip Compliance Agreement (SITCA) program is a voluntary tip reporting program between the IRS and employers in various service industries. It was
The rise in mortgage rates last year froze the housing market, resulting in the greatest yearly decline in sales of previously owned homes in more than a decade. The US housing collapse has now entered its fifth month, with a
The organization had previously stated that it was drafting guidelines for the 19 states that would offer refunds of some kind in 2022. The IRS advised last Friday that taxpayers in California who received a Middle-Class Tax Refund and an
All taxpayers must respond to a question about digital assets on their 2022 tax forms. On the second day of the 2023 filing season, the IRS reminded taxpayers that any digital asset-related income must be declared when they submit their
The Oregon Department of Revenue mailed personal tax refund information to the incorrect address for 5,000 taxpayers. The Oregon Department of Revenue admitted on Thursday that it transmitted personal tax refund information to the wrong address for around 5,000 individuals.
Certain child and dependent tax credits have been cut, and the charitable deduction that some taxpayers took advantage of during the epidemic years is no longer as simple to claim. The IRS began taking tax returns in late January, and
Forms 1099 filed on paper should decrease in 2023 thanks to the Information Returns Intake System. The Information Returns Intake System (IRIS), a new online portal that the IRS announced on Wednesday, now allows businesses to submit Form 1099 series
In the U.S., there is no value-added tax (VAT) on the federal or state level. However, most states have a “sales and use” tax system that creates an ultimate liability for the purchaser to pay a tax that can reach
NEXUS Nexus, a connection between a business and the state, must exist for a state to impose income tax. States establish the rules to use when determining how much in-state activity creates a nexus by a business. Often, this tax
When a corporation liquidates, the value of the assets it holds as of the date of liquidation is included in its taxable income for that year. U.S. shareholders then include the value of cash and other assets they receive on