Recent Articles
State-issued stimulus payments are not taxable, according to the IRS
The IRS has determined that, for reasons of sound tax administration and other considerations, taxpayers in many states will not be required to disclose these payments on their 2022 tax returns. The Internal Revenue Service has provided clarification regarding the...
IRS Notifies Millions of Taxpayers to Delay Filing Your Returns
The problem stems from stimulus payments made by some states over the past year, which raised tax-related issues. Millions of taxpayers may be among those the IRS is advising to delay filing their 2022 tax returns. Regarding stimulus payments made...
Consumers intend to spend about $26 billion on Valentine’s Day.
This year, Valentine’s Day expenditure is expected to reach $25.9 billion, up from $23.9 billion in 2022, making it one of the biggest years ever for spending. The annual study, which was just issued by the National Retail Federation and...
IRS aims to launch a tip reporting program for the service sector
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...
Since June 2022, the US housing market has declined by 2.5 percent.
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 IRS is developing 1099 guidance for middle-class tax refunds in California.
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...