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IFA Insurance & Financial Associates

IFA Blog

Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

A new tax reporting requirement from the IRS will require third-party payment processors to send users who receive payments of $600 or more from goods and services a form 1099-K. The third parties must send users the form by mail or electronically for transactions that occurred during the 2022 tax year. The new rule has a number of Americans worried about side hustles, part-time gigs, and under-the-table income.Read more at Bitcoin.com
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One or two days in the office is the ‘sweet spot’ for hybrid work

Just one or two days in the office is the ideal setup for hybrid work, according to a new study from Harvard Business School based on an experiment in 2020 where 130 administrative workers were randomly assigned to one of three groups over nine weeks. Such an arrangement provides workers with the flexibility they desire without the isolation of fully remote work. 
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What If an S Corp Owner Can't Afford to Pay Reasonable Compensation?

Depending on the company’s financial condition and business strategy, a shareholder-employee may be able to take Reasonable Compensation plus a distribution, just Reasonable Compensation, or neither. What the shareholder-employee can’t do is take a distribution instead of Reasonable Compensation. To help you better understand, let’s run through a few simple scenarios and then move on to some more advanced ones. Keep in mind the following:
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Knowledge Workers May Be a Bigger Threat to Capitalism

Left-wing knowledge workers are refashioning the private sector. Writing for Bloomberg, Adrian Wooldridge says knowledge workers are a bigger threat to the stability of capitalism than manual workers ever were because they carry the means of production around in their heads. Annoy them too much and they will up and leave; either for rival companies or for jobs as part-timers and freelancers.
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U. S. Treasury Weighs Alternatives to ID.me

The U.S. Treasury said on Friday it is considering alternatives to facial-recognition technology by commercial provider ID.me to verify identities for online taxpayer accounts after some lawmakers raised privacy concerns.
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IRS releases new Child Tax Credit FAQs

The IRS has issued a set of FAQs for tax filing season, with new material added on the expanded Child Tax Credit (CTC). The updates answer questions such as whether the amount of CTC will be reduced if a taxpayer’s 2021 income is too high, how 2021 modified adjusted gross income (AGI) reduces the amount of the CTC, and how the first phaseout reduces the 2021 Child Tax Credit to $2,000 per child.
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