Form 1099-K reporting requirements have created a lot of confusion, and it's understandable why. Many of those sellers haven’t received 1099-Ks before, so understanding the new rules is important for ...
Some taxpayers who filed "bare trust" forms to the Canada Revenue Agency last year may have done so needlessly as the federal government examines further changes to the reporting requirements — ...
IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...
Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...
The Federal Board of Revenue (FBR) on Friday announced the removal of the "Estimated Fair Market Value" column from income tax return forms for 2025, following the approval of Prime Minister Shehbaz ...
ISLAMABAD: In a dramatic U-turn, the government on Friday scrapped the asset valuation column from the tax return form for 2025 — just a day after issuing a strongly worded clarification — bowing to ...
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ITR-5 and ITR-7 forms enabled for online filing: Who should file these income tax forms? What are their deadlines?
The Income Tax Department (I-T) on its official website has enabled the ITR-5 and ITR-7 forms for online filing. Both forms are available with prefilled data, the I-T Department has informed on its ...
The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...
As the deadline for filing Income Tax Returns (ITR) for Assessment Year 2025–26 approaches on September 15, a significant number of taxpayers have already filed returns. According to the Income Tax ...
Many Americans who work overtime will get a break on their taxes for the next few years — but it may not be as hefty as they think. Congressional Republicans sought to fulfill President Donald Trump’s ...
Form 1099-C reports canceled debt to the IRS when a creditor has forgiven or erased a balance owed so a taxpayer no longer has to pay it. What Is Form 1099-C: Cancellation of Debt? Lenders must submit ...
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