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2024 Scher Group holiday dinner and retirement party for Kelly.

ChatGPT knows me well.

When you start correcting the exam training companies materials, you know you are ready for the exam.

4 Key Estate Planning Documents Everyone Should Consider 4 Key Estate Planning Documents Everyone Should Consider

2024 Summer Retreat

Set yourself up for success with Monday Motivation from Scher Group

Here are 3 tax tips for any hair stylist, or salon!

Your Friday tax fact from Boulder based Scher Group.

Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.

E-File Mandate - Reporting of Cash Payments Over $10,000

The IRS has announced that the threshold for filing 1099-Ks will not be reduced for 2023 to $600 but instead will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023. In addition, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

1099-K Reporting Threshold Last Minute Change Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

Tap into your full potential. Wednesday Wisdom from Scher Group

Some small businesses that previously filed paper information returns because the number of information returns they had to issue was below the IRS's 250 return threshold for e-filing, may need to file their 2023 and later year forms electronically, because the threshold has been reduced to 10 returns starting with 2024 filings.

IRS Expands Requirement to E- File Information Returns Starting in 2024 Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax year was more than 250. The IRS issued regulations in February....