Tax Blog
The latest tax tips and news from TallyPage Accounting and Bookkeeping
IRS Delays 2023 Form 1099-K Threshold, Introduces $5,000 for 2024
In a recent announcement, the Internal Revenue Service (IRS) has decided to delay the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. The decision to treat 2023 as a transition year comes in response to feedback...
National Tax Security Week Begins November 27
The IRS and its Security Summit partners from the national tax industry and state tax agencies announced the 8th annual National Tax Security Awareness Week, set to begin November 27. Protection of financial information and identity theft prevention are the focus of...
Time Running Out to File for Recovery Rebate Credit
The window for claiming a pandemic-driven tax credit is still open to taxpayers who didn’t take advantage of it during the main Covid outbreak. But closing dates are approaching, making filing a claim for eligible taxpayers (tax years 2020 or 2021) a priority for tax...
Retirement Contribution Amounts Increased for 2024
The Internal Revenue Service has passed along an early Christmas present of sorts to many taxpayers by increasing the maximum contribution amounts for 401(k) plans in 2024. The contribution hike covers those employees who take part in 401(k), 403(b), or most 457...
IRS Updates Clean Vehicle Credit Guidance
As electric cars become more common on American roads, fully electric autos (termed “clean vehicles” by the Internal Revenue Service) are now showing up in the used car markets. Owners of new electric vehicles are already able to claim the Clean Vehicle...
The IRS Offers a Way Out to Filers Worried About Bogus Employee Retention Credit Claims
The Internal Revenue Service has given small business owners and others who may have unintentionally filed inaccurate claims for the Employee Retention Credit (ERC) a way to escape a portion of the monetary consequences for filing a bogus tax claim. The IRS has...
Drake Software Update Schools 2023
Drake Software® Update Schools return this year in 4 U.S. cities plus our hometown of Franklin, NC! Experts from Drake Software including Chief Revenue Officer John Sapp, CPA; Director of Education Christine Reynolds; Software Trainer Ann Campbell, CPA, CIA and...
Understanding the New IRS E-Filing Requirements for Forms W-2
As we prepare for the 2024 tax season, the IRS is also updating regulations for tax forms and filing requirements. One such regulation establishes a new threshold for electronic filing of certain returns. This change has implications for employers and taxpayers alike,...
Time to Renew PTINs for 2024 Tax Season
We are just weeks away from a new tax season, and that means it’s time for tax professionals to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals. There are currently...
Drake Ranked Excellent in All Categories of 2023 NATP Survey
The 2023 Software Survey conducted by the National Association of Tax Professionals (NATP) unveils insightful findings regarding tax professionals' experiences with their chosen tax preparation software. Covering attributes ranging from reliability to customer...
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