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Tax News and Industry Updates

Dear Valued Clients and friends,

We hope this email finds you well. We’re reaching out today with some important updates and information that may impact your tax reporting and filing processes including:

  1. IRS Expands Use of Chatbots
    The Internal Revenue Service (IRS) has recently announced the availability of expanded chatbot technology to provide quick answers to basic questions for individuals who receive notices regarding potential underreporting of taxes. This new chatbot feature aims to assist taxpayers who receive notices CP2000, CP2501, and CP3219A. These notices typically alert taxpayers if the tax information provided to the IRS from third parties does not match the information they’ve provided themselves. For more details, you can refer to IR-2023-178.
  2. 1099-K Reporting Requirements Delayed
    There’s been a delay in the reporting requirements for Form 1099-K, which is used by third party settlement organizations (TPSOs) to report payments made in settlement of certain reportable transactions. While TPSOs are still required to file this information return annually, the deadline for compliance has been pushed back. You can find additional information in Notice 2023-74.
  3. E-Filing Now Required for 10 or More Information Returns
    Businesses that file 10 or more information returns are now required to e-file with the IRS, starting from the 2023 tax year. This marks a significant change from previous years when the e-filing threshold was set at 250 or more information returns. The new threshold of 10 returns applies to the combined total of all information returns filed by a business. For further guidance on e-filing forms 1099, please visit the IRS website at [insert link].

We understand that staying compliant with tax regulations can be complex, and we’re here to support you every step of the way. If you have any questions or need assistance navigating these updates, please don’t hesitate to reach out to us. Our team is dedicated to ensuring that your tax reporting processes run smoothly and efficiently.

Thank you for choosing [Your Company Name] as your trusted partner in financial matters.

Warm regards,

The Nash Group PS 
Certified Public Accountants

 

Tax News and Industry Updates

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