News & Tips - Augustedge, PLLC

1099-K Reporting Threshold Last Minute Change

Article Highlights: 1099-K Reporting. Third-party Settlement Organizations. American Rescue Plan of 2021 Mandated Reporting Threshold. Delayed Implementation 2023 Threshold 2024 Planned Phase-in Threshold Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. Tax law, since [...]

By Augustedge Staff|2024-01-03T22:58:20+00:00January 4, 2024|Taxes|Comments Off

Clean Vehicle Credit Can Be Transferred to Dealer to Offset Purchase Price

Article Highlights: Special Transfer Option Does the Vehicle Qualify for Credit MSRP and Purchase Price Taxpayer Qualifications Modified AGI Applying for the Credit Transfer Change of Mind About the Credit Beginning in 2024, a special election allows a taxpayer purchasing a new clean vehicle or previously owned clean vehicle, to transfer the entirety of the allowable credit to an eligible (registered) dealer. The dealer [...]

By Augustedge Staff|2024-01-03T22:52:10+00:00January 3, 2024|Taxes|Comments Off

IRS Expands Requirement to E- File Information Returns Starting in 2024

Article Highlights: New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers IRS Portal Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax [...]

By Augustedge Staff|2024-01-03T22:43:14+00:00January 2, 2024|Taxes|Comments Off

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