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The IRS has simplified filing for the 2024 tax season. An IRS spokesman, Alejandra Castro, noted that taxpayers can now view outstanding amounts, and payment history, request tax transcripts, and make payments on the online account portal. These services are now available to ITIN holders.
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IRS Updates: Reporting Rule Delay, Energy Credits, and Filing Tips for 2024 Tax Season
The IRS has delayed applying the new $600 reporting rule for taxpayers using PayPal or Venmo for business transactions in 2023. Only users who received over $20,000 and had over 200 transactions in 2023 will receive a 1099-K. This delay gives taxpayers time to adjust and prevent uncertainty. Starting in 2024, the reporting threshold will drop to $5,000, affecting 2025 returns.
Energy tax credit seekers should review new rules. Credits may be available for clean or electric car purchases and residential energy upgrades. Castro recommends reviewing IRS.gov for qualification details and consulting tax professionals to claim applicable credits.
Castro advises preparing all tax records and submitting them early to avoid missing forms, notably the 1099. For a speedier refund, file electronically and choose direct deposit. To avoid delays, taxpayers should verify bank account and routing details. Additional checks for errors, missing information, or suspected fraud may delay IRS returns, normally issued within 21 days. As required by law, the IRS may keep the entire refund until mid-February if you claim the earned income tax credit or advanced child tax credit.
READ ALSO: What to know as the 2024 tax season approaches
Stay Alert: Tips for Tax Season and Avoiding Scams in 2024
Tax season typically begins in late January, although the date is unknown. Beware of fraud around this time. Unsolicited calls demanding quick money or emails, social media, or messages are likely scams. Individuals should call the IRS or check their online account to verify authenticity. Contact the IRS at 1-800-829-1040.
In conclusion, understanding reporting rule changes, energy-related credits, and filing best practices will help taxpayers prepare more efficiently and securely for the 2024 tax season. Maintaining fraud awareness is essential to protect personal and financial data.
READ ALSO: Get ready for 2024 tax season: key IRS updates & tips
