In the IR-2025-71, the IRS shared the mid year report to Congress and provided a summary of items. These items below indicate the areas of focus and improvement for the future: Status on the 2024 filing season The IRS received around 141 million return (processed 138 million - the difference might be bounced returns due
If you conduct business in Pennsylvania, there is a new annual report requirement starting 2025. Legal Background The new annual reporting requirement for Pennsylvania business entities was established by Act 122 of 2022, which was signed into law by Governor Tom Wolf on November 3, 2022. This legislation introduced significant amendments to Title 15 of
In the recent IR-2024-299 released at the end of November, the IRS indicated that the 1099-K threshold is delayed again. The 1099-K form is used by Third Party Settlement Organizations (TPSOs) like Venmo and similar cash apps and credit card processing vendors. The thresholds will be: 2024 - $5,000 2025 - $2,500 2026 - $600
