In the past, individuals and businesses would only receive a 1099-K form under certain circumstances. This includes when there were over 200 transactions or gross payments totaling more than $20,000 received through payment apps or credit card processors.
Taxpayers claiming the federal Research and Development (R&D) credit on amended returns will get an extended break from new documentation requirements.
Despite the positive outlook for sustainable real estate investments, the market is uncertain. Real estate is traditionally a hedge against inflation and provides steady income even during a recession.
The Inflation Reduction Act was signed into law on August 16, 2022, and provides several new tax-saving opportunities that businesses and organizations need to consider.
The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.
Business owners are facing operational and financial challenges, including those related to recruiting and employee retention. As of March 2022, the Employment Cost Index for total compensation in the Midwest rose by 5.1% compared to March 2021.