Day: October 29, 2025

Recent legislation retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA) so that third party settlement organizations are not required to file Forms 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200.
-> Continue reading Form 1099-K threshold reverts to $20,000

The Internal Revenue Service has announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Notable changes The tax year 2026 adjustments described below generally apply to tax returns filed in 2027. Of particular interest to many taxpayers: Standard Deduction. For tax
-> Continue reading Inflation Adjustments for Tax Year 2026