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Tax and financial planning news from around the web: March 27 – 31, 2023

Written on Mar 31, 2023

IRS issues new guidance on Form 1099-K 
The IRS has updated its frequently asked questions about Form 1099-K, the information return used for reporting transactions involving payment cards and third-party networks, after the IRS recently delayed a requirement to lower the reporting threshold from $20,000 to $600. 

Director at IRS says “think twice” before claiming expired COVID-19 Employee Retention Credit 
A director at the IRS is warning taxpayers to “think twice” about claiming the expired COVID-19 employee retention credit as the Service is “actively auditing and conducting criminal investigations” relating to claims that are more frequently turning out to be false.