Payment Apps and Form 1099-K

Taxpayers who were paid for goods and services through a third-party payment network, such as PayPal, Venmo, eBay, etc. will now receive a reporting form “Form 1099-K Payment Card and Third-Party Network Transactions” once the…

Clean Energy Incentives

The recently passed Inflation Reduction Act expanded on several tax incentives for taxpayers that choose energy efficient alternatives. Some of the key changes include: The Act increased the nonrefundable personal tax credit for having qualified…

IRS Issues Advise on Suspicious Communications

Each year the IRS issues its list of 12 common tax scams that are impacting taxpayers. One such scam is suspicious communications taxpayers receive through unsolicited text messages, emails, or phone calls. These scams are…

Required Minimum Distributions (RMDs) for 2021

Reminder, 2021 required minimum distributions (RMDs) from retirement plans should be taken by December 31, 2021. RMDs were suspended for tax year 2020 but have been restored for tax years starting in 2021. (Note: Taxpayers…

Advance Child Tax Credit Payments in 2021

Before 2021, taxpayers could receive up to a $2,000 nonrefundable credit per child, subject to income phaseouts, for the child tax credit. For tax year 2021, the American Rescue Plan Act (ARPA) increased the child…