Current Tax Year News
New IRS Requirement for Money Transfer and Payment Apps
New IRS Requirement for Money Transfer and Payment Apps
New IRS Requirement for Money Transfer and Payment Apps
411-Tax Services recommends that taxpayers began making notes/remarks as to what monies are for on all monies sent and received by money transfer and payment apps such as Cash-App, Zelle, Paypal or Venmo, etc. By placing notes/remarks such as personal loan, tax fee, for goods or services provided "repaired window", gift, charity, etc. on these money transfer and payments apps will make the gathering of your tax documents expenses and income easier at year-end. The IRS will be lowering the reporting threshold amount for issuing Form 1099-K to $600.00; the requirement for businesses such as "money transfer and payment apps" referred to as "third-party payment platforms" by the IRS was delayed this year by the IRS.
Maryland Announces Tax Deadline
New IRS Requirement for Money Transfer and Payment Apps
New IRS Requirement for Money Transfer and Payment Apps
Maryland announces to file and pay your state individual taxes without any state penalty or interest by the deadline for this tax year on Tuesday, April 18, 2023.
411-Tax Services and Maryland recommend that Taxpayers file their tax returns electronically and request direct deposit for the fastest possible processing and to ensure they receive all possible refunds and to avoid postal service delays.
Advanced Child Tax Credit Payments
Advanced Child Tax Credit Payments
Advanced Child Tax Credit Payments
Those who received the advanced Child Tax Credit (CTC) payments during the period July 2021 to December 2021 should receive a IRS Letter 6419 with important information about their payments; this IRS Letter will be needed by your Tax Preparer/Practitioner. If you do not receive this IRS Letter click link below:
Tax Credits for Families
Advanced Child Tax Credit Payments
Advanced Child Tax Credit Payments
These are tax credits for families the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC), and the Child and Dependent Care Credit
Tax Scams
BEWARE OF TAX SCAMMERS & THIEVES
As Always Beware of Scammers and Thieves:
Remember there are scammers and thieves seeking to steal and scam you out of your Economic Impact Payments/ stimulus payments. Always verify the source of everyone sending you emails and calling you about your payment. For more information on the IRS "Do's and Don'ts":
- Tax Scams/Consumer Alerts
- The Dirty Dozen represents the worst of the worst tax scams.
- Tax Scams - How to Report Them
- Do's and Don’ts for Taxpayers Who Get a Letter from the IRS
