SPC News

Form 1099-K, Payment Card and Third-Party Network Transactions, is an IRS form that is used to report certain payment transactions. If taxpayers receive a Form 1099-K, they should use that information with their other tax records…

It’s important for taxpayers to have all their documents and information so they can file an accurate and complete tax return. This may mean waiting to file until they receive all their documentation – and…

Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes. Anyone who paid too little tax in 2022 needs to make a fourth quarter payment on or before Jan….

The IRS and its Security Summit partners recently held the annual National Tax Security Awareness Week. The Security Summit is a longstanding partnership between the IRS, state tax administrators and the tax software and tax professional community….

Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to…

The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 — up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute…

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is…

An IRS online account makes it easy for people to quickly get the tax planning info they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they…

Individuals and businesses, affected by the COVID-19 pandemic, may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by September 30, 2022. This penalty relief is automatic. Eligible taxpayers who…

When working with the IRS, taxpayers have a right to represent themselves. They can also choose a third-party agent to represent them, like a tax professional or family member. Taxpayers should be sure that their…

After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as…

Once taxpayers file their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Myth: Calling the IRS, tax software provider,…