Does the tax on your year-end bonus check seem high? Here’s why
Jgi/tom Grill | Tetra Images | Getty Images Does your year-end bonus look smaller than expected? Tax withholding is a likely culprit, but Uncle Sam may pay some back when…
IRS rejects 20,000 tax refund claims for employee retention credit
IRS Commissioner Daniel Werfel speaks during an IRS event on August 2, 2023 in McLean, Virginia. Alex Wong | Getty Images The IRS is sending more than 20,000 rejection letters…
Supreme Court case on ‘income’ could have major implications for taxpayers
People exit the Supreme Court building in Washington, D.C. on Tuesday, June 27, 2023. Minh Connors | The Washington Post | Getty Images The Supreme Court is set to hear…
Supreme Court tax case could have sweeping federal policy effects
The Supreme Court in Washington, D.C. Celal Gunes | Anadolu Agency | Getty Images As the Supreme Court starts a new term, experts are closely watching a case that could…
Here’s what to know about employee retention tax credit claims
IRS Commissioner Daniel Werfel testifies before a Senate Finance Committee hearing on Feb. 15, 2023. Kevin Lamarque | Reuters As the IRS pauses on processing new claims for a pandemic-era…
Some lawmakers want to increase the 1099-K tax reporting thresholds
As the year-end approaches, there’s been debate around tax reporting for business transactions on payment apps such as Venmo and PayPal, along with e-commerce companies, such as eBay, Etsy and…
House lawmakers scrutinize pandemic-era employee retention tax credit
IRS Commissioner Daniel Werfel testifies before a Senate Finance Committee hearing on Feb. 15, 2023. Kevin Lamarque | Reuters Scrutiny of a pandemic-era tax credit intensified this week as lawmakers,…
Mega Millions jackpot hits $940 million. This could be the tax bill
The Mega Millions jackpot grew to $940 million on July 27, 2023. OLIVIER DOULIERY | Getty The Mega Millions jackpot has ballooned to an estimated $940 million ahead of Friday’s…
Owe IRS more in business tax than expected? These are the next steps
Some small businesses may have received an unwelcome surprise at tax time. As the U.S. continues to emerge from the pandemic, certain businesses might be seeing improved revenue and owe…
IRS cracks down on small business tax break that could lead to audit
A cottage industry of specialist firms has sprung up to help business owners claim the Employee Retention Credit (ERC), a governmental tax incentive intended for companies stressed by the pandemic.…