News & Analysis as of

American Rescue Plan Act of 2021 Internal Revenue Service

Allen Barron, Inc.

"Selling Items Online? Is the IRS Watching?"

Allen Barron, Inc. on

Are you selling items online or receiving payment for goods and/or services on platforms such as PayPal, Venmo, eBay, Zelle, Etsy, or Cash App? Online platforms are the preferred method of shopping for most Americans. These...more

Cole Schotz

Form 1099-K Implementation for E-Commerce Platforms Delayed for 2023

Cole Schotz on

Under a new federal law enacted in 2021 (the “American Rescue Plan” or the “New Law”), Venmo, Pay Pal, Cash App, Etsy, eBay and other e-commerce platforms are now required to send individual users income tax Form 1099-K for...more

Allen Barron, Inc.

Do You Have to Pay Taxes When Selling Goods or Services Online?

Allen Barron, Inc. on

We are often asked if one has to pay taxes when selling goods or services online.  That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive...more

Stinson LLP

1099-K Reporting: Is a Day of RecKoning Coming Soon?

Stinson LLP on

In the American Rescue Plan Act of 2021, Congress lowered the minimum reporting threshold from $20,000 to $600 for filing information returns relating to reportable payment transactions that are facilitated by payment...more

Weber Gallagher Simpson Stapleton Fires &...

What to Know About Reporting Apple Pay, Venmo and Cash App Transactions

Weber Gallagher’s Family Law Group often reviews payments made through popular mobile apps, including Venmo and Apple Pay, in discovery and for support purposes. Clients who utilize one of the many mobile payment platforms...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Places Moratorium on New Employee Retention Tax Credit Processing

On September 14, 2023, the Internal Revenue Service (IRS) released Employee Retention Credit (ERC) guidance placing a moratorium on processing new ERC claims due to a surge in questionable claim submissions. Claims already...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Finalizes Rules to Collect Taxes on Erroneously Claimed Employee Retention Credits and Other COVID-19 Tax Credits

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have finalized rules for the recapture of erroneously claimed Employee Retention Credits (ERC) and other tax credits provided to employers for...more

Proskauer Rose LLP

Paycheck Protection Program – SBA Clarifies PPP Guidance

Proskauer Rose LLP on

Third-Party Payroll Providers Cleared - On June 13, 2023, the U.S. Small Business Administration (“SBA”) issued new FAQ 72 (“FAQ 72”) to help clarify whether amounts paid by borrowers to third-party payers for the...more

Kohrman Jackson & Krantz LLP

Senators Brown and Cassidy Propose Legislation to Ease Burdens for Small Businesses and Raise IRS Reporting Threshold for Online...

The advent of online shopping has revolutionized consumer behavior, offering convenience, a wide range of products, and competitive prices. However, one notable concern has been the inconsistency in the collection of sales...more

Kohrman Jackson & Krantz LLP

Preparing for Tax Season: 2023 Tax Updates

January 1 marks the start of the new year and with a new year, new tax law changes. If you’re an Ohio State Buckeye fan, your New Year did not begin exactly how you wanted to, but the year looks bright going forward. As we...more

Paul Hastings LLP

IRS Delays Implementation of $600 Reporting Threshold for Forms 1099-K

Paul Hastings LLP on

On Friday, December 23, 2022 the Internal Revenue Service provided a late Holiday Gift to payment card processors, third party settlement organizations, and potentially people who sold goods or services in excess of $600 in...more

Snell & Wilmer

2022 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2022 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

Trusaic

ACA Penalty Letter 226J on The Rise

Trusaic on

The last several years have been difficult for the IRS, but now that the agency is almost through its historic backlog, it is making significant progress on a long list of to-do items, including issuing ACA penalties....more

Trusaic

Understanding ACA Affordability for 2023 Tax Year

Trusaic on

Since ACA reporting was first required by employers in 2015, the affordability component under the Employer Mandate was established each year by indexing the standard of 9.5%. This has always been the case, that is, until...more

McDermott Will & Emery

Weekly IRS Roundup October 31 – November 4, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022....more

Foodman CPAs & Advisors

1099-K: Will Small Businesses Be Ready For The New Form?

As a result of the American Rescue Plan Act of 2021, effective for Tax Returns for the Calendar year 2022, small business that accept payment cards as a form of payment will receive a Form 1099-K for the gross amount of the...more

McDermott Will & Emery

Weekly IRS Roundup June 27 – July 1, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 27, 2022 – July 1, 2022...more

Davis Wright Tremaine LLP

Impacts of the American Rescue Plan Act for Businesses Using Peer-to-Peer Payment Platforms

Peer-to-peer (P2P) payment platforms, such as Venmo, PayPal, and Cash App, have become indispensable tools for both businesses and consumers. Businesses that use or accept P2P payments, particularly family businesses, need to...more

McDermott Will & Emery

Weekly IRS Roundup May 16 – May 20, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 16, 2022 – May 20, 2022... May 16, 2022: The IRS issued an internal memorandum related to a...more

McDermott Will & Emery

Weekly IRS Roundup May 1 – May 7, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022... May 2, 2022: The IRS issued a news release as part of National...more

McDermott Will & Emery

Weekly IRS Roundup April 24 – April 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2022 – April 30, 2022... April 25, 2022: The IRS issued a news release, soliciting...more

Foodman CPAs & Advisors

How Money Received Through “Crowdfunding” May Be Taxable

IRS may contact the recipients of crowdfunding campaign proceeds if not reported. IRS issues a soft alert to Taxpayers regarding their tax obligations for monies received under crowdfunding activities as well as the benefits...more

McDermott Will & Emery

Weekly IRS Roundup April 10 – April 16, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2022 – April 16, 2022... April 11, 2022: The IRS issued a news release, reminding...more

McDermott Will & Emery

Weekly IRS Roundup March 27 – April 2, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022... March 29, 2022: The IRS issued a news release reminding...more

McDermott Will & Emery

Weekly IRS Roundup March 20 – March 26, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

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