Crowdfunding contributions may be includible in the gross income of the person receiving them depending on the facts and circumstances. The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed...
IRS
IRS opens new process for payroll companies, third-party payers to help clients resolve incorrect claims for the Employee Retention Credit
WASHINGTON — The Internal Revenue Service announced that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit. Third-party payers report and pay clients’ federal...
Federal: ACA Affordability Threshold Increases for 2025 Plan Year
On September 6, 2024, the IRS announced, in Revenue Procedure 2024-35, that the Affordable Care Act (ACA) affordability threshold will be 9.02%, increased from 8.39% in 2024, for plan years beginning in calendar year 2025 (after December 31, 2024). Under the ACA’s...