Protect Your Sensitive Information
The beginning of a new year is often a time that people review their financial situations. Tax returns are due, year-end statements come in the mail, and a lot of individuals make financial goals as part of their New Year’s resolutions. As you’re taking stock, consider these simple ways to protect your sensitive personal information.
IRS Addresses EV Credit Matters for 2023
The Clean Vehicle Credit can be worth up to $7,500 for qualifying EVs purchased and put into service on or after January 1, 2023. The Inflation Reduction Act of 2022 was designed to make switching to an electric vehicle less of a financial burden. But, there has been significant confusion around some of the requirements in the new Clean Vehicle Credit.
IRS Delays Implementation of $600 reporting threshold for Forms 1099-K
Third-party settlement organizations like Venmo and PayPal will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount that was enacted as part of the American Rescue Plan of 2021.
Department of Justice Pursuing Cryptocurrency Users
According to a recent press release from the Department of Justice (DOJ), a federal court in California issued an order authorizing the IRS to serve a “John Doe summons” on SFOX, a cryptocurrency dealer headquartered in Los Angeles. The order requires SFOX to provide the IRS with data on U.S. taxpayers who conducted at least $20,000 in cryptocurrency transactions between 2016 and 2021 with the company.
Tips for a Successful Nonprofit Audit
Preparing for your not-for-profit audit might seem daunting. Here are a few tips you can use to help the process go smoothly.