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IRS increases standard deductions, estate tax exemp, annual gift, etc. due to inflation for 2025

As communicated each year, the IRS has updated some of the deductions, tax exemptions, tax exclusions and other tax items based on inflation. In several media, this has been celebrated as the IRS increasing the threshold and in some cases creating clickbait headlines to attract readers, but the reality is that each fall the IRS

By |2024-10-24T02:05:16+00:00October 24th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , |

IRS to receive an additional 30 million 1099-k

The IRS will received approximately 44 million forms 1099-k (this form is for electronic transactions over $600 during the year and related to applications for payment settlement entities such as Vemno, eBay, Paypal, etc.) in 2024 related to the 2023 tax year from about 14 million received in the prior year. Note that Zelle is

By |2023-11-17T16:17:00+00:00November 17th, 2023|Categories: Business, Individuals|Tags: , , , , , , , |
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