In 2022, the threshold has dropped significantly for the filing of Form 1099-K. Businesses & workers in certain industries may receive more of these forms.

Owners of incorporated businesses understand the tax advantage of paying compensation vs dividends. But rules exist for “reasonable compensation.”

For most taxpayers, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations.

Are your withholding and tax credits much less than your projected tax liability? Estimated tax payments can protect you from underpayment penalties.