IRS

In 2024, a significant shift in tax reporting is set to impact freelancers and individuals engaged in side hustles, particularly those relying on popular payment apps like PayPal, Venmo, Cash App, or Zelle.  The long-anticipated 1099-K…

The Internal Revenue Service (IRS) has set January 29 as the official start date for the 2024 tax season, anticipating over 128.7 million tax returns to be filed by the April 15 deadline. This announcement coincides with the ongoing…

As W-2 forms begin to make their way to mailboxes in January, Massachusetts taxpayers are facing both anticipation and skepticism with the upcoming introduction of the Internal Revenue Service's (IRS) Direct File service in 2024. …

A significant development in US tax policy is underway as a House panel recently approved the Tax Cuts for Working Families Act (H.R.3936).  The bill proposes a temporary expansion of the standard tax deduction, which could provide…

In the era of social media, misinformation can spread like wildfire. Recently, a Facebook post circulated, asserting that millions of residents across 10 states are slated to receive a fourth IRS stimulus check on November 30.  The post…

As the global landscape continues to shrink, individuals engaging in international transactions, like John in our example, may unwittingly expose themselves to a web of international information return IRS filing obligations.  The…

Many Americans patiently awaiting financial relief, have recently received IRS-promising news about a new round of payments coming their way in November.  Although these payments are no longer referred to as stimulus checks, they serve…

The IRS is set to introduce new income limits for its seven tax brackets, providing potential relief to taxpayers in 2024.  The adjustments, accounting for the impact of inflation, will see the tax brackets move upward by 5.4%. This…