When Congress passed the American Rescue Plan Act (ARPA) in 2021, it lowered the Form 1099-K reporting threshold to $600 — with no transaction minimum. That rule, even if delayed several times, would have drastically expanded the number of Forms 1099-K issued, pulling in even casual transactions like splitting rent or selling used personal items.
Starting with the 2026 tax year, the IRS will introduce a new form — Schedule 1-A — to capture several expanded deductions approved in the One Big Beautiful Bill Act (OBBA) that many taxpayers might overlook or might not claim. This new schedule allows individuals under certain income thresholds to report and deduct:Tips received from
Last night, President Trump officially ended the longest government shutdown in U.S. history. Federal employees are now returning to work — including national park staff and rangers, air traffic controllers, CBP officers, military personnel, and many others across agencies such as HHS, HUD, DOE, and EPA. Travelers can also breathe a sigh of relief: with
When the One Big, Beautiful Bill Act (OBBBA) was passed on July 4th, 2025, all the tax professionals focused on the new tax deductions (i.e. car interest deduction, no tax on overtime or tips, etc.), extension to some of the Tax Cuts and Job Act tax benefits, and other relevant items (i.e. new estate tax
The IRS has released the updated per diem rates for taxpayers who travel for business, effective October 1, 2025 through September 30, 2026. These rates apply to travel away from home for ordinary and necessary business purposes and are used to simplify expense reimbursements for lodging, meals, and incidental expenses. High-cost localities: Daily total allowance
A year ago, we indicated how the IRS and other government organizations were increasing regulations for digital assets and crypto brokers in our blog. Now we can confirm the specific reports, instructions and the due date for these tax forms. Beginning with transactions in calendar year 2025, brokers who facilitate digital asset transactions (such as
We told you already back in May 2025, but now it’s a reality. This shift is part of the government’s broader transition to electronic payments—a change we previously warned our readers about in our earlier blog post Federal Payments Are Going Fully Digital. The IRS and U.S. Treasury have officially announced that paper refund checks
As part of the government shutdown, now it is the time for the IRS to furlough more than half of its employees. The reason for this five business days delay is due to the IRS contingency plan to keep running for a few business days before broader furloughs kicked in, called "lapse appropriations contingency plan".
On September 16, PIDC started the celebrations for the Hispanic Heritage Month partnering Greenline Access Capital and other entities, hosting Elevate and Connect, a resource night designed to celebrate, support, and empower Hispanic and Latino business owners across Philadelphia. As you might know, PIDC is Philadelphia’s public–private economic development corporation, founded in 1958 as a
In the IRS Tax Tip 2025-29, the IRS reminds taxpayers that there are options available to those who can’t pay in full. Pay now (or by the tax deadline) Short term payment plan – 180 days or less – Individuals: Benefits $0 set if applied online, phone, in person or mail Long term payment plan
