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Showing content with the highest reputation on 05/11/2023 in all areas

  1. I believe each letter shows the total owed. I am looking at a CP22A that says under additional information: "Please note: Only pay the amount due once." I assume that would also be the way it works with the "you didn't make estimated payments like Rita has been hounding you to do" letters as well.
    2 points
  2. If it's a free social media "service" then it's you who is the product being sold!
    1 point
  3. I hope you aren't paying for a client. The address on the tax return will determine which service center to send it to (or have the client use Direct Pay).
    1 point
  4. Assuming both spouses live under the same roof, if one doesn't want to pay they'll "misplace" their spouses letter as well.
    1 point
  5. For tax pros doing representation, it's a PIA. I have clients that have taxes owed for 10 separate years and I receive copies of what is sent to the clients. This means I could get 20 letters for one account, all of which end in the shredder. Since the IRS sends these out in batches, I could receive a lot more than 20 on a single day.
    1 point
  6. I don't use social media because of their excessive data mining which is used by hackers and other purveyors of malware.
    1 point
  7. "Receipt of a Form 1099-K for Distributions of Money Raised Through Crowdfunding The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed meets certain reporting thresholds by filing Form 1099-K, Payment Card and Third Party Network Transactions, with the IRS. If Form 1099-K is required to be filed with the IRS, the crowdfunding website or its payment processor must also furnish a copy of that form to the person to whom the distributions are made. The American Rescue Plan Act clarifies that the crowdfunding website or its payment processor is not required to file Form 1099-K with the IRS or furnish it to the person to whom the distributions are made if the contributors to the crowdfunding campaign do not receive goods or services for their contributions." "Tax Treatment of Money Raised Through Crowdfunding Under federal tax law, gross income includes all income from whatever source derived unless it is specifically excluded from gross income by law. In most cases, property received as a gift is not includible in the gross income of the person receiving the gift. If a crowdfunding organizer solicits contributions on behalf of others, distributions of the money raised to the organizer may not be includible in the organizer's gross income if the organizer further distributes the money raised to those for whom the crowdfunding campaign was organized. If crowdfunding contributions are made as a result of the contributors' detached and disinterested generosity, and without the contributors receiving or expecting to receive anything in return, the amounts may be gifts and therefore may not be includible in the gross income of those for whom the campaign was organized. Contributions to crowdfunding campaigns are not necessarily a result of detached and disinterested generosity, and therefore may not be gifts. Additionally, contributions to crowdfunding campaigns by an employer to, or for the benefit of, an employee are generally includible in the employee's gross income."
    1 point
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