By KLATZKIN TAX TEAM
In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2025. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.
By KLATZKIN TAX TEAM
The $600 threshold for Form 1099-K reporting for third-party settlement organizations (TPSOs) has been delayed again. The IRS made the announcement on November 26th with the issuance of Notice 2024-85. This change means that TPSOs will only be required to report transactions when the total payment amounts exceed $5,000 in 2024, more than $2,500 in 2025, and more than $600 in 2026 and beyond.
The Inflation Reduction Act (IRA) of 2022 is helping combat climate change through the enactment of many tax credits that aim to accelerate the widespread use of clean energy. These tax provisions don’t just help corporations; many are designed for individual taxpayers looking to invest in energy-efficient improvements.
