IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law. IRS updates frequently asked questions related to wrongful incarceration FS-2023-26, Nov. 2023 — These FAQs update question 9 to provide that a United States military service member who is a wrongfully incarcerated individual and who receives back pay following the reversal of a court martial conviction may not exclude the payments under section 139F if the payments are merely the restoration of pay and allowances to which the service member is entitled under the law. IRS achieves key Paperless Processing Initiative goal, outlines improvements for filing season 2024 FS-2023-25, Nov. 2023 — Following a dramatically improved 2023 Filing Season thanks to Inflation Reduction Act (IRA) investments, the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) announced additional improvements taxpayers will experience next Filing Season. Help for businesses: Steps for withdrawing an Employee Retention Credit claim FS-2023-24, Oct. 2023 — The IRS and tax professionals continue to see aggressive advertising, direct mail solicitations and online promotions involving the Employee Retention Credit (ERC). These promoters have misled employers and harmed honest employers by misrepresenting and exaggerating who is eligible for this pandemic-era credit. IRS Direct File Update: Free, secure, IRS-run, electronic filing option on track to be available in 2024 as a limited pilot FS-2023-23, Oct. 2023 — The Inflation Reduction Act of 2022 directed the IRS to study the possibility of a free, direct e-file program, commonly referred to as "Direct File." The IRS submitted the results in a report to Congress on May 16, 2023. IRS updates frequently asked questions related to new, previously-owned and qualified commercial clean vehicle credits PDF FS-2023-22, Oct. 2023 — This Fact Sheet updates frequently asked questions related to new, previously owned, and qualified commercial clean vehicles. Increased energy investment credit for solar and wind facilities benefitting low-income communities FS-2023-21, Sept. 2023 — The Inflation Reduction Act provides for an increase to the energy investment credit (under Internal Revenue Code Section 48) for qualifying solar and wind facilities benefitting certain low-income communities. IRS issues a frequently asked question for pass-through entities to report negative amounts to the IRS on Part II of Schedules K-2 and K-3 FS-2023-20, September 2023 — This fact sheet is about a frequently asked question that addresses how pass-through entities electronically file and report negative amounts to the IRS on Part II of Schedules K-2 and K-3. E-file Form 8300: Reporting of large cash transactions FS-2023-19, Aug. 2023 — Federal law requires a person to report cash transactions of more than $10,000 by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Although many cash transactions are legitimate, the information on the form can help law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. IRS launches paperless processing initiative FS-2023-18, Aug. 2023 — Paper-based processes have long hampered the IRS and frustrated taxpayers. The challenges created by paper are two-fold: taxpayers are unable to digitally submit many forms and correspondence beyond their annual 1040 tax return, and the IRS is unable to digitally process paper tax returns it receives. How to know it is an IRS revenue officer FS-2023-17, July 2023 — The Internal Revenue Service announced a major policy change in July 2023 that ends most unannounced visits to taxpayers by agency revenue officers (ROs) to reduce public confusion and enhance overall safety measures for taxpayers and employees. Qualifying Advanced Energy Project Credit FS-2023-16, June 2023 — The Inflation Reduction Act (IRA) provided $10 billion in funding for the Qualifying Advanced Energy Project Credit Allocation Program under section 48C(e). IRS payment plan options – Fast, easy and secure FS-2023-15, June 2023 — There may be times when taxpayers cannot pay what they owe in full, but remember the IRS has numerous payment plan options available. Helpful information for military personnel FS-2023-14, June 2023 —The IRS encourages members of the military and their families to learn more about the special tax benefits available to them. Upcoming IRS improvements for small business owners FS-2023-13, May 2023 — As part of National Small Business Week, April 30 to May 6, the IRS wants small business taxpayers to know they will soon see changes to help them better interact with the IRS in ways that work best for them. New improvements to phone service, in-person and online options will allow small business taxpayers get the help they need when they need it. IRS offers several payment options, including help for those struggling to pay FS-2023-12, April 2023 — Taxpayers have a variety of options to consider when paying federal taxes. Electronic payment options are the best way to make a tax payment. IRS issues frequently asked questions about compensation payment made by states for forced sterilization FS-2023-11, April 2023 — This fact sheet is about frequently asked questions that address the federal income tax consequences of compensation payments for forced sterilization. Deductions for individuals: What they mean and the difference between standard and itemized deductions FS-2023-10, April 2023 — A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. Tax credits for individuals: What they mean and how they can help refunds FS-2023-09, April 2023 — A tax credit is a dollar-for-dollar amount taxpayers claim on their tax return to reduce the income tax they owe. Eligible taxpayers can use them to reduce their tax bill and potentially increase their refund. IRS updates frequently asked questions related to new, previously owned and qualified commercial clean vehicle credits PDF FS-2023-08, March 2023 — This Fact Sheet updates frequently asked questions related to new, previously owned, and qualified commercial clean vehicles. Actions to take if a Form 1099-K is received in error or with incorrect information FS-2023-07, March 2023 — With this year’s April 18 tax deadline just around the corner, the Internal Revenue Service is offering these tips to taxpayers who received an incorrect Form 1099-K or received one of these forms in error. The IRS also explains how to report these transactions on their tax return. Updates to frequently asked questions about Form 1099-K PDF FS-2023-06, March 2022 — This Fact Sheet updates frequently asked questions about Form 1099-K. IRS expands secure digital correspondence for taxpayers FS-2023-05, Feb. 2023 — The Internal Revenue Service is applying technology to provide a more efficient way for taxpayers or their tax professional to submit requested documentation online instead of mailing it to the IRS. IRS updates frequently asked questions related to new, previously owned and qualified commercial clean vehicle credits PDF FS-2023-04, Feb. 2023 — This Fact Sheet updates frequently asked questions related to new, previously-owned and qualified commercial clean vehicle. IRS reminder: Important backup withholding deadlines FS-2023-03, Jan. 2023 — Some businesses and other payers withhold money from payments they made to certain people to satisfy backup withholding. These entities should remember their upcoming filing deadlines. Who needs to file a tax return FS-2023-02, Jan. 2023 — Taxpayers need to know their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year. How to get tax withholding right FS-2023-01, Jan. 2023 — The federal income tax is a pay-as-you-go tax. Taxpayers pay the tax as they earn or receive income during the year. Taxpayers can avoid a surprise at tax time by periodically checking their withholding amount. The IRS urges employees and those who receive a pension or annuity to check their withholding every year. Here’s what to know about withholding and why checking it is important. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month. Helpful information for military personnel FS-2023-14, June 2023 —The IRS encourages members of the military and their families to learn more about the special tax benefits available to them.
