Borwick Tax Service

The new year brings in some new changes to the tax code.

Big changes to retirement savings in new federal spending bill From emergency savings accounts to assistance for student loan borrowers, the new federal spending bill aims to make it easier to save for retirement.

Per IRS: Third-party settlement organizations will not be required to report tax year 2022 transactions on Form 1099K at the lower $600 threshold amount.

The American Rescue Plan of 2021 changed the reporting threshold for business transactions to $600 per year. It was supposed to take effect for the 2022 tax year. Instead, there will be a transition period for one year.

For tax year 2022, the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.

EDITED TO ADD: Here's the official IRS link about the reporting delay.
https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-report

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — 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.

sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

The IRS is delaying the start of the 2020 tax filing season to Feb. 12, according to an announcement Friday from the agency.

IRS delays start of tax filing season to Feb. 12 The IRS will begin receiving 2020 income tax returns on Feb. 12.

If you have not filed your 2016 tax return, you could be missing out on a refund. July 15th, 2020 is the last day you can claim the refund. According to the IRS, $1.5 Billion in refunds for 2016 are going unclaimed. Let Borwick Tax Service claim it for you!
https://www.irs.gov/newsroom/irs-unclaimed-refunds-of-1-point-5-billion-waiting-for-tax-year-2016-taxpayers-face-july-15-deadline

IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline | Internal Revenue Service IR-2020-135, July 1, 2020 — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.

Tax day is just one month away on July 15th. If you still haven't filed call
Borwick Tax Service.
720-341-4404
https://www.google.com/amp/s/amp.usatoday.com/amp/111964700

This Important Deadline Is Now Just 1 Month Away | The Motley Fool Be sure to keep this key date on your radar.

Student Loan Payments are Suspended...

Federal student loan payments to be suspended for six months A measure that will suspend federal student loan payments for six months is part of the sweeping coronavirus stimulus package that President Trump signed into law Friday afternoon. 

The tax filing date has been pushed back to July 15th, which is good news if you owe. If you are anticipating a refund, or still want to file, we now offer encrypted, secure links to upload your tax documents, Skype or phone meetings, and the ability to e-file your return. Though we prefer face to face meetings, we can fully file for you while keeping with the "social distancing" measures. Stay well!

Borwick Tax Service 720-341-4404

https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html

IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says President Donald Trump ordered the IRS federal income tax filing extension to help deal with the coronavirus pandemic's economic fallout, Treasury Secretary Steven Mnuchin said.

The IRS just delayed the time you have to pay taxes if you owe 90 days from April 15th.
https://www.cnbc.com/2020/03/17/treasury-and-irs-to-delay-tax-deadline-by-90-days.html

Treasury and IRS to delay tax payment deadline by 90 days Taxpayers are about to get a three-month reprieve to pay income taxes owed, Treasury Secretary Steven Mnuchin said at a news conference Tuesday.

I.R.S.= I Relieve Stress
Call Borwick Tax Service to reduce your stress. Individuals and business welcome.
Call 720-341-4404 to make your appointment today!

Call me at 720-341-4404 to learn tax strategies that may benefit you or your business. If you don't look out for your best interest, nobody else will. Call today!

One of the most common questions people ask is: "How long until I get my refund? " Here is your answer...Call us for professional tax preparation services for individuals and businesses. 720-341-4404
https://www.cpapracticeadvisor.com/tax-compliance/news/21124598/2020-tax-refund-schedule-when-will-you-get-your-irs-income-tax-refund

2020 Tax Refund Schedule: When Will You get Your IRS Income Tax Refund? HomeTax2020 Tax Refund Schedule: When Will You get Your IRS Income Tax Refund?By Isaac M. O'Bannon, Managing EditorFeb 7th, 2020Updated: February 7, 2020 - 1:22.am ESTSHOW ME THE MONEY!!! -- The IRS started accepting 2020 income tax returns on Monday, January 27, so when will you get your tax refund...

Everyone needs a good tax accountant. Go with someone who will help you lower your tax liability this year and every year thereafter.
Call me at 720-341-4404 to learn tax strategies that may benefit you and your business.