The Internal Revenue Service (IRS) has issued guidance that it said clarifies how to claim deductions associated with the “No Tax on Tips” law. The guidance also provides “transition relief” for workers who receive tips in specified service trades or businesses, the IRS said in...
Tax compliance company Sovos launched a partnership with eCommerce platform Shopify. The companies launched Shopify Tax automated filing, a feature that automates the preparation, filing and remittance of sales tax returns for Shopify merchants, according to a Tuesday (June 10) press release. It’s available now...
New legislation recently passed in Congress eliminates federal taxes on tips — and one ripple effect is that there should be further tailwind for those tips to be paid out digitally rather than in cash. For restaurants, hotels and a host of other businesses, the...
Legislation eliminating federal income taxes on tips could provide some relief to around 4 million U.S. workers, CNBC reported Wednesday (May 21). That is the number of workers — about 2.5% of all employees — who were in tipped occupations in 2023, according to the...
A financial lifeline for many consumers — particularly lower-income consumers — in the form of tax refunds may be fraying a bit at a time when those refunds may be needed to bolster households against economic headwinds. The impact of the IRS staffing cuts is...
Cars from Canada and Mexico imported into the United States through the U.S.-Mexico-Canada Agreement (USMCA) will be exempted for one month from the tariffs imposed on the countries Tuesday (March 4). The move by the White House followed a request from three automakers — Ford...
The Internal Revenue Service (IRS) has selected Link2Gov, a wholly owned subsidiary of Worldpay, as an authorized digital payments provider. Individuals and businesses can now use Link2Gov’s Pay1040.com to pay their taxes for the 2025 tax season via credit, debit and other digital payment methods, Worldpay...
While death and taxes are the only guarantees in life, paying to file taxes is up there as a near certainty. According to page 107 of the 2024 Form 1040 instructions, the average cost of filing a basic federal 1040 tax return was $160 for...
BILL is adding a 1099 form filing solution to its financial operations platform for small- to medium-sized businesses (SMBs). The new 1099 Filing lets SMBs and their accountants prepare and file their 1099 forms using the same platform they use to pay and manage their...