1099-K

1099-K Confusion on the Horizon The American Rescue Plan Act of 2021 lowered the filing threshold for payment processors and credit card companies from 200 transactions or $20,000 to just $600 for 2022 — but the IRS delayed the effective date until 2023. Because...

Selling Appreciated Property?

Delay the Tax With An Installment Sale When selling property like land, rentals or business property an installment sale may delay the tax and even lower the tax bracket on some of the sales proceeds. An installment sale is when the seller provides part, or all, of...

Tax Jail Does Exist

Yes, you can end up in jail for hiding income from the IRS. U.S. citizens and residents are required to report all income received from all sources both inside and outside the U.S. Apart from income specifically excluded for tax under the IRS code, all income is...