Uncategorized

In this blog, we’ll share insights from these sessions and provide resources to help taxpayers and tax professionals navigate common issues. Tax Return Preparation and Processing, and Notices/Letters Questions Update 11/21/2023: IRS Issues Revised Form 1099-K Reporting GuidanceOn November 21, 2023, the IRS issued Notice 2023-74, delaying the Form 1099-K reporting requirement until 2025. The …

Navigating Tax Challenges: Important IRS Insight That You Must Read Read More »

Are you one of the many taxpayers eagerly awaiting the day the IRS resumes sending notices about your outstanding tax balance? While the delay may give some a sense of reprieve, it’s crucial to recognize that the IRS hasn’t forgotten about outstanding balances. Interest and penalties continue to accrue until the final payment, and ignorance …

Time to Take Action: Pay Your Unpaid Taxes Now! Read More »

In the intricate world of taxes, every taxpayer is entitled to certain fundamental rights, ensuring a fair and just system. Understanding these rights can empower you in your interactions with the IRS and pave the way for a smoother tax journey. Crystal Clear Tax, your dedicated partner in navigating the complexities of taxation, sheds light …

The Taxpayer Bill of Rights Safeguarding Taxpayers 24/7! Read On To Know More Read More »

In the ever-evolving realm of taxes, the annual report from the National Taxpayer Advocate, Erin M. Collins, sheds light on the IRS’s journey through 2023, a year marked by significant transformations. Let’s delve into the key takeaways and challenges faced by taxpayers. Positive Strides Amid Challenges Collins’ report acknowledges the IRS’s commendable strides in improving …

Navigating the Tax Landscape: A Closer Look at the 2023 National Taxpayer Advocate’s Report Read More »

The Internal Revenue Service (IRS) has reiterated the significance of reporting digital assets, and Crystal Clear Tax, your reliable partner in simplifying tax complexities, is here to assist you every step of the way. Unraveling the Digital Asset Question As we delve into the IRS guidelines for the 2024 federal income tax return, it’s crucial …

Are You Paying Taxes On The Crypto Trading? Read On To Know Its Importance Read More »

In the ever-evolving world of taxes, rumors can spread like wildfire, causing unnecessary panic among taxpayers. Recent reports hinting at widespread issues with the IRS have stirred confusion, but let’s clear the air – the IRS is not in crisis mode as we kick off the 2024 tax season. Crystal Clear Tax is here to …

IRS All Set for 2024 Tax Filing Season! Read More »

Tax time can be tricky, and the IRS faces a big challenge—stopping fake refunds. With credits like EITC, ACTC, and RRC on the rise, so are attempts at fraudulent refunds. The IRS uses a process to spot possible identity theft (IDT), temporarily stopping the review. This blog looks at when the IRS pauses tax return …

Where’s My Refund? Understanding Delays in Your Tax Refund – Is Identity Theft a Concern? Read More »

Today, let’s dive back into the world of taxes, focusing on electronic petitions and why timing matters, especially when dealing with Eastern Time (ET). What You Need to Know To get the Tax Court to hear your case, filing your petition on time is crucial. According to Tax Court Rule 22, all petitions, no matter …

Tax Court Dates: Why Timing Matters – A Warning Tale Read More »

In the fast-paced world, where TV deals and recruitment strategies make headlines, there’s a new player in the spotlight—the emergence of Name, Image, and Likeness (NIL) agreements. These agreements have become a game-changer for student-athletes, offering them a chance to capitalize on their fame. As these agreements gain popularity, so does the necessity for student-athletes …

Tax Tips for Student-Athletes: Navigating NIL Agreements Made Simple with Crystal Clear Tax Insights Read More »