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Month: February 2024

Form 1099-K frequently asked questions (FAQs) revised

Posted on by Krystal Dale

The Internal Revenue Service recently revised its frequently asked questions (FAQs) with almost 50 new or updated ones regarding Forms 1099-K, Payment Card and Third Party Network Transactions, published in fact sheet FS-2024-03. These updates supersede the FAQs published in a March 2023 fact sheet. The revised FAQs include substantial changes for both individual taxpayers and companies […]

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IRS offers guidance on emergency savings accounts

Posted on by Krystal Dale

As part of the continued outgrowth of the wide-ranging Secure 2.0 Act of 2022, the Internal Revenue Service has provided initial guidance to assist employers with establishing pension-linked emergency savings accounts (PLESAs) to improve on retirement security. These types of accounts are designed to enhance retirement security by reducing retirement plan leakage, offering additional flexibility to workers […]

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