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Tax Change Hits Payment Apps

If you use PayPal, Venmo or others, this might affect you.

22 December 2021
Author: machele
Number of views: 3527
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If you’re among the millions of people who use payment apps like PayPal, Venmo, Square and other third-party electronic payment networks, you could be affected by a tax reporting change that goes into effect in January. Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total $600 or more for the year. A business transaction is defined as payment for a good or service.

Standard mileage rates to go up in 2022

20 December 2021
Author: machele
Number of views: 2890
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After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate.

E-signing for forms, tax compliance documents extended

6 December 2021
Author: machele
Number of views: 2962
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In a pair of internal memos (NHQ-10-1121-0005 and NHQ-01-1121-0004), the IRS has extended until Oct. 31, 2023, procedures that allow taxpayers and their representatives to sign digitally or by an image of their signatures an array of forms and returns as well as certain compliance-interaction-related forms and documents. The memos also reapprove for that period the IRS's ability to receive the compliance-related forms and documents and to transmit encrypted related documents by email when no other approved electronic alternative is available.

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Private tax debt collection contracts awarded

6 December 2021
Author: machele
Number of views: 3118
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In News Release IR-2021-191, the IRS advised that three private companies had been awarded contracts to collect tax debts from taxpayers in new contracts beginning Sept. 23. The companies are CBE Group Inc. of Waterloo, Iowa; Coast Professional Inc. of Albion, N.Y.; and ConServe of Fairport, N.Y. CBE and ConServe were among the four previously contracted companies. The news release states that taxpayers will be contacted by one of the private collection agencies only after the IRS has notified the taxpayer and the taxpayer’s representative, if any, of the account’s assignment, along with the company’s name and contact information. The company will then send its own letter to the taxpayer and representative confirming the account transfer. Both letters will include information to help taxpayers identify the tax amount owed and confirm that any phone calls from the company are legitimate.

Tax provisions in the Build Back Better act

22 November 2021
Author: machele
Number of views: 3062
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The House of Representatives on Friday morning passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of protracted negotiations for the past several weeks. For more on the nontax provisions of the bill, see, "House Passes Build Back Better Act With Universal Paid Leave." The vote on the bill was held after the Congressional Budget Office (CBO) released its cost estimate for the bill. The CBO estimates the bill will cost almost $1.7 trillion and add $367 billion to the federal deficit over 10 years.

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