Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

  1099-k Reporting Requirements for Venmo Transactions and Other Mobile Apps You may have heard or read about the IRS' recent proclamation about reporting receipts from Venmo transactions  and other mobile payment apps.  The IRS recently announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of more then $600. For the calendar year 2022, third party settlement organization who issue Forms 1099-k are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.  So, while the reporting requirement may have been delayed, those of us who use Venmo as a payment mechanism need to continue to monitor this situation and implement compliant procedures for calendar year 2023.  The IRS using matching programs to match-up amounts contained in tax returns with actual amounts reported by third parties. A matching error notice is usually not that a big a deal, its a matter of reporting back t

  Receiving these kinds of letters? Never pleasant. Ignoring it won't help the situation - you know that. We're often afraid of the unknown and the IRS is at the top of that list.  Second is the worry of what it will cost me to fix this problem? During the Holidays no less!  When it comes to the IRS, inaction digs a deeper and deeper hole. So let's talk about your situation. Take advantage of our free informational calls. By asking a few basic questions I can start you on your tax resolution journey and to peace of mind. Call me or drop me a line - our initial conversation is free. Lets see how I can help you through this issue. 

 Turkey Day, Black Friday, Christmas, New Years, Tax Day.  Wait, what? Thanksgiving signals the march to the end of the year and starts the string of never ending year-end lists, including late year tax planning.  So what should you do? Take a minute while you sit comfortably in your chair with your tablet and phone and take a quick run through on 2022. How much money did you make? Any new expenses? New purchases? How about gifts?  While this can be painful, it could also be helpful. Take a minute - you'll be be glad you did. Questions? Call me. www.austin-tax-help.com. 

As the saying goes, "Follow the money". The money in question here is your government stimulus check. #stimuluscheck Think of this as a video game, with the player (you) trying to get home with hard dollars in your hand. Along the way there are several times others will attempt to get those dollars from you, leaving you empty handed by the time you get home. Understanding this problem requires looking closely at a couple of different areas - tax law and Texas garnishment law. Without getting to technical, here is a quick summary: Normally, any government issued dollars are subject to offset by the IRS to pay off a government obligation. The most common is are an IRS debt and a federally insured student loan. The IRS would take any refund earned and apply to those obligations. The current Presidential Order prevents the IRS from making those offsets, at least until August. As with all things there are exceptions. The main exception at this time is a child support oblig

The IRS recently announced two tools to assist you in easing delivery of your COVID Relief Check. Click on this IRS link  for the information. It provides two sections - one for non-filers and one for those who did file in 2018 or 2019 but did not provide direct deposit information. Currently the portal allowing you to input your direct deposit information is not active. The website indicates that it will be available mid month, which in the coming week. I suggest that you monitor this website daily. Your #COVIDReliefcheck will get to you easier than waiting for it in the mail. The website will ask for your bank's routing number and your account number. You can obtain both numbers from the bottom of a check, or off of your bank's website. Keep the information handy before you logon, as the site is likely to have a lot of traffic.

President Trump signed the massive coronavirus relief bill last week. Money will be distributed to the public by the IRS. So will the IRS offset what I owe against the check? What about my spouse? Here are some specific takeaways that you need to know now, and take appropriate action: 1. The government is using the IRS to distribute the checks only. They will not offset any IRS debts against the checks as this is not an IRS matter. The government is just using their infrastructure. 2. However, the only exception to this rule is child support obligations. If you owe back child support, it will come out of the check. This is the only exception at this time. 3. The only way the IRS will know about you is if you have filed a return in 2018 or for 2019. If you have not filed for 2018, and have not filed 2019, you will not receive a check.  In order to receive a check you must file a return for either of those years.  We love working with taxpayers who are delinquent filers. T

From the impact of #COVID19 on our daily lives, keeping up with an IRS refund is a must.  The IRS maintains a Where's my Refund Tool that allows taxpayers to track and verify that its headed to the intended destination.  Taxpayers will need three things to use the tool: Their Social Security number Their tax filing status The exact amount of the refund claimed on their tax return Once the taxpayer enters that information the tool will display the progress of their tax return through the following stages: Return received Return approved Refund sent Great information to keep handy as your go through the return process.  #IRS #IRSRefund