Renner Individual News; September 14, 2026 When most people hear PIN number, they think of the bank. But your local Wells Fargo or Bank of America isn’t the only place where a PIN is a crucial tool. The Internal Revenue Service (IRS) also uses a PIN number system for individual taxpayers, known as an IRS … Continued
Renner Individual News; July 28, 2026 The Internal Revenue Service recently announced a new automatic process to provide penalty relief and reduce burdens for taxpayers with a history of timely compliance. Automatic Exemption from Penalty (AEP) replaces the long-standing First Time Abate administrative relief program. AEP, expected to begin this summer, is meant to reduce … Continued
Renner Individual News; March 2, 2024 If you sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, there’s a good chance you received a third-party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. The Internal Revenue Service (IRS) announced Notice 2023-74 … Continued
Renner Business News; December 12, 2023 Important changes will take effect for Form 1099 filers for the upcoming tax season. Specifically, the final regulations will require certain filers to e-file. Changes made as part of the Taxpayer First Act (TFA) were intended to increase e-filing without undue hardship on taxpayers. The changes in T.D. 9972 … Continued
Renner Individual News; September 13, 2023 As the demand grows for electric vehicles and incentives to go green with clean vehicles, so too does the number of people claiming the Electric Vehicle credit. If you buy a new electric car, you may qualify for a credit of up to $7,500. The tax credit is nonrefundable, … Continued
Renner Individual News; August 18, 2023 Tax time comes every April, but there’s plenty you can do throughout the year to stay organized. What you do after tax day can affect the tax you pay or get back next year. Here are some handy year-round tips to assist with your tax planning. Organize Your Records … Continued
Renner Business News; June 16, 2023 There will be a new filing requirement for businesses effective Jan. 1, 2024. In 2021, as part of the National Defense Act, the Financial Crimes Enforcement Network (FinCEN) created the Corporate Transparency Act. All business entities—domestic or foreign— that have filed formation documents with a U.S. state must file … Continued
Renner Individual News; June 2, 2023 In this day and age of passwords, pins and two-step authentication, one security tool can make all the difference for taxpayers. Identity Protection PINs are the No. 1 security tool available from the IRS, according to the Electronic Tax Administration Advisory Committee. Taxpayers who participate in the program are … Continued
Renner Business News; December 15, 2022 — Joan M. Renner, CPA, CGMA For years, you’ve been hearing about the new accounting principles that change how organizations account for leases. Although accounting standard setters have postponed the effective date of these requirements for years, there’s no more delay. The new standard, contained in Accounting Standards Codification … Continued
Renner Business News; December 13, 2022 — Joan M. Renner, CPA, CGMA The 2022 Virginia General Assembly has enacted a new law for 2021-2025, which allows qualifying pass-through entities (PTEs) to elect to shift the income tax burden from the individual PTE owners (who may not be able to deduct the tax) to the PTE … Continued