Tax Blog
The latest tax tips and news from TallyPage Accounting and Bookkeeping
2023 Dirty Dozen Spotlights New Scams, Some Usual Suspects
The Internal Revenue Service has released its annual Dirty Dozen list of the top scams and schemes posing threats to taxpayers and tax pros, and this year sees some new schemes among the known scams from previous lists. While not ranked by importance or enforcement...
IRS Clarifies Mineral, Battery Component Requirements for Clean Vehicle Credit
The Inflation Reduction Act of 2022 (IRA) updated the Clean Vehicle Credit to make US-manufactured electric and fuel cell vehicles more attractive to American car buyers. Since provisions in the legislation changed several qualifying requirements that take effect in...
IRS Issues Tips for the 1099-K
The IRS recently published a tax tip explaining Form 1099-K, covering why taxpayers receive it, how to address incorrect forms, and recent updates to reporting rules. This update comes almost three weeks after reports emerged that some taxpayers received incorrect...
2023 Dirty Dozen: Ineligible Employee Retention Credit Claims
Identity theft usually takes center stage during most tax-scam discussions. After all, so much of our personal and professional lives take place online in emails, texts, and direct messages—all of which are ripe targets for phishing attacks. However, not all identity...
IRS Digital Intake Initiative Underway
New technology could improve tax return processing time at the IRS Paper returns have historically been slower to process due to the Internal Revenue Service having to manually transcribe information, leading taxpayers who want to more quickly receive their refund to...
SCOTUS Rules FBAR Penalty Determined on Per-Report Basis
Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court ruled that the penalty for nonwillful failure to file...
Tax Relief Extended for Disaster Victims in Alabama, California, and Georgia
The Internal Revenue Service recently extended tax relief for disaster victims in Alabama, California, and Georgia. Individuals and businesses in these federally declared disaster areas now have until October 16, 2023, to meet several filing and payment...
SCOTUS Holds FBAR Penalty Determined on Per-Report Basis
Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court held that the penalty for nonwillful failure to file...
IRS Announces Direct Deposit for Amended Returns
Filing an amended return used to mean completing a paper form, regardless of how taxpayers submitted the original return to the Internal Revenue Service. During the pandemic, paper-filed returns presented processing challenges that contributed to a historic backlog at...
2022 Special State Payments Not Taxable
In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone...
TallyPage Accounting and Bookkeeping
PH: 646-708-2195
806 W BEECH ST
Long Beach, NY, 11554
Info@TallyPage.com
CONTACT US
806 W BEECH ST
LONG BEACH, NY, 11554
INFO@TALLYPAGE.COM