News & Insights
Updates for 1099-K Reporting Threshold for 3rd Party Platform Payments
The Internal Revenue Service announced a delay of the Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new…
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Beneficial Ownership Information Reporting under the Corporate Transparency Act
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for…
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Have you Enrolled in Tax Caddy for Your Personal Return?
TaxCaddy is a software program designed to make gathering tax documents like 1099s, 1098s, and W-2s automatic and sharing them with Haefele Flanagan a breeze. But why take our word for it? Here are the…
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IRS Announces Withdrawal Process for Employee Retention Credit Claims
As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an…
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IRS Offers Tax Relief to Taxpayers Affected By Crisis in Middle East
The Internal Revenue Service is offering tax relief to individuals and businesses impacted by the unfolding crisis in the Middle East that has ensnared many Americans residing in or visiting the Holy Land…
Continue ReadingUpdates on Home Energy Tax Credits
Who Can Claim the Credits You can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when you make qualifying improvements. Homeowners…
Continue ReadingIRS orders Immediate Stop to New Employee Retention Credit Processing
Amid rising concerns about a flood of improper Employee Retention Credit (ERC) claims, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing…
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Watch out for Warning Signs of Aggressive Employee Retention Credit Promotion
The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red…
Continue ReadingIRS Announces Change in Policy
In a major change in policy, the IRS will end most unannounced visits to taxpayers by agency revenue officers. The change reverses a decades-long practice by IRS revenue officers who make unannounced visits…
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IRS Offers Extra Time for Roth Catch-up Contributions
The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions. The IRS announced that it’s providing an administrative transition period that…
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