IRS Announces Expanded Relief for Taxpayers Facing Financial Hardship
The IRS has issued updated guidance expanding access to Currently Not Collectible (CNC) and Partial Payment Installment Agreements (PPIA) for taxpayers experiencing financial hardship. What’s New The IRS has simplified financial documentation requirements for low-income taxpayers. Revised internal hardship thresholds allow more people to qualify for zero-payment or reduced-payment arrangements. Taxpayers with significant medical expenses, […]
IRS Tightens Scrutiny on Payment App Transactions: New Reporting Rules for 2025
Beginning with the 2025 filing year, the IRS will fully implement the revised Form 1099-K reporting threshold for third-party payment platforms (Cash App, Venmo, PayPal, Stripe). What’s Changing The reporting threshold drops from $20,000 & 200 transactions to $5,000 total, regardless of the number of transactions. Personal payments are not taxable, but taxpayers must be […]
IRS Releases 2026 Inflation Adjustments: What Taxpayers Need to Know
The IRS has released its annual list of inflation adjustments for the 2026 tax year, affecting more than 60 tax provisions, including tax brackets, standard deductions, retirement contribution limits, and earned income thresholds. Key Adjustments for Individuals The standard deduction will increase for all filing statuses due to inflation adjustments. Tax brackets have widened, meaning […]