Who Can Be A Dependent?

A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...

What Does $1.7 Trillion Buy?

Here’s what you need to know about the $1.7 trillion spending bill passed by Congress and signed by the President, known as the Consolidated Appropriations Act of 2023 (CAA). This is the largest spending bill in history, and other than authorizing the government to...

IRS Delays New 1099-K Threshold

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ like Venmo, PayPal, Cash App, etc. December 23, 2022, the IRS released Notice 2023-10, which announces the delay in implementation of the $600 lower requirement for...