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Filing Season Quick Guide — Tax Year 2022
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IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K
WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.
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Key tax and retirement provisions in the Secure 2.0 Act
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IRS announces job openings to hire over 700 new employees across the country to help taxpayers in person
IR-2022-197, Nov. 9, 2022 WASHINGTON – In addition to the more than 4,000 people recently hired to fill critical customer service representative positions, the Internal Revenue Service is now seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers across the country.
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IRS Announces Acting Commissioner
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Legal Notice - DFA Adopt Rule 2022-6 Elective Pass Through Entity Tax
In compliance with Act 434 of 1967, The Arkansas Administrative Procedure Act, as Amended, notice is hereby given the Department of Finance and Administration intends to Adopt Rule 2022-6, titled, Arkansas Elective Pass-Through Entity Tax.
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Tax Standards (SSTS) Exposure Draft and Invitation to Comment
AICPA has issued an exposure draft on changes to the Statements on Standards for Tax Services to ensure the highest ethical standards for members to support the public’s view that CPAs are the premier providers of tax services.
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IRS Relieves Penalties for 2019 and 2020
A broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS.
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Security Summit Partners Urge Tax Pros to Create Plan for Data Safety
With data security incidents continuing, the Internal Revenue Service, state tax agencies and the tax industry —– known as the Security Summit — urge tax professionals to develop a security plan. One often overlooked but critical component is creating a Written Information Security Plan or WISP.
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Key Tax Provisions in Senate Reconciliation Bill