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Streamlining the 1023 – A Success Story

By Sunita Lough, Commissioner, Tax Exempt/Government Entities DivisionCL-22-13, September 8, 2022 Given how complex tax issues can be, an important element we always take into consideration at the IRS is looking to make things simpler whenever we can. We want to minimize burden for taxpayers and organizations wherever possible while still meeting the tax law…
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Taxpayers can stay “in the know” by following IRS social media and subscribing to e-news

Taxpayers can stay “in the know” by following IRS social media and subscribing to e-news People can get the latest IRS news through the agency's verified social media accounts and by subscribing to e-news services. These communication channels keep taxpayers “in the know” about important tax matters all year, not just during filing season. IRS social media platforms Twitter: Taxpayers, businesses and tax professionals can follow the IRS handles…
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What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these…
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