The Freedom of Information Act

Originally enacted on July 4, 1966, the Freedom of Information Act established a statutory right of public access to Executive Branch information held by the federal government.  The FOIA provides that any person has a right, enforceable in court, to obtain access to federal agency records under the Act, except to the extent that any portions of… Continue reading The Freedom of Information Act

New IRS rule will affect cash app business transactions in 2022

The American Rescue Plan Act of 2021 modifies the IRS reporting requirement from $20,000 in aggregate payments and 200 transactions to a threshold of $600 in aggregate payments, with no minimum transaction number. The new rule is effective beginning on Jan. 1, 2022. The IRS will start sending 1099-K forms to businesses that make transactions on cash applications that… Continue reading New IRS rule will affect cash app business transactions in 2022

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Categorized as Tax News

The Freedom of Information Act

Originally enacted on July 4, 1966, the Freedom of Information Act established a statutory right of public access to Executive Branch information held by the federal government.  The FOIA provides that any person has a right, enforceable in court, to obtain access to federal agency records under the Act, except to the extent that any portions of… Continue reading The Freedom of Information Act

What Is Your Adjusted Gross Income And How Is It Different Than Your Regular Income?

When it comes to filing your taxes, it seems there is another language that only CPA’s and IRS employees understand. One of these baffling tax terms is “adjusted gross income”, which is apparently different than the amount of money you make every year and also different than the modified adjusted gross income. What exactly is… Continue reading What Is Your Adjusted Gross Income And How Is It Different Than Your Regular Income?

What Does The Government Shutdown Mean For Taxes?

The government shut down early Saturday, January 20th after Congress failed to agree on a funding bill. That triggered automatic furloughs for government employees deemed “non-essential.” That means only a portion of each federal agency’s employees will continue to work through the shutdown. A shutdown plan posted on the Treasury Department’s website shows that nearly… Continue reading What Does The Government Shutdown Mean For Taxes?

The Most Googled Tax Terms by State

If you’ve ever tried to do your own taxes, you know how confusing they can be. Trying to pay taxes to two states or figure out what you can deduct and what you can’t? Good luck! No matter who you are, you can’t avoid taxes. Whether you’re a small business owner working with an accountant… Continue reading The Most Googled Tax Terms by State

Illegal ways people claim larger tax credits

  Illegal ways people are Cashing in on Bigger Tax Credits Most people who want to cheat on their taxes will do anything they can to understate their income. After all, the more money you make, the more money you’ll likely owe. But there’s at least one scam where an unscrupulous tax preparer will try to… Continue reading Illegal ways people claim larger tax credits