The IRS streamlines business tax audits with new rules that phase out slow processes and expand settlement options, starting ...

The IRS will have much less of a view into how much income small businesses and independent contractors make because there ...

As the 2025 tax filing deadline approaches, taxpayers should be aware of several minor, yet important, changes to Internal Revenue Service (IRS) reporting requirements that could impact their 2024 ...

The slot reporting threshold is governed by an IRS regulation, so the change will not go into effect until the agency updates ...

Third-party settlement organizations were not required to report tax year 2022 transactions on Form 1099-K to the IRS or the payee for the lower $600 threshold amount—the existing $20,000/200 ...

The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under Trump’s new law.

Several impactful tax changes are already in force for 2025 under the One Big Beautiful Bill. Here's what taxpayers need to ...

Last year, the IRS announced it was planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan.

But the IRS on Tuesday said for tax year 2024, rather than implement the $600 threshold it will instead “phase-in” the change, and only require third-party platforms to issue you a 1099-K if ...

Statistics have shown that tax compliance increases significantly when the amounts involved are subject to third-party reporting. Salary and wage reporting compliance, for instance, is very high ...