THE RETURN MAN
Contact Us
We'd love to work with YOU! To get the refund you may be eligible for as soon as possible, please complete form below, then select submit.
Contacts:
contact@thereturnman.com
cd@thereturnman.com
chris@thereturnman.com
dirk@thereturnman.com
Locations:
www.thereturnman.com
VIRGINIA BEACH, VA
LAKE TILLERY, NC
HAW RIVER, NC
IRS NEWS: High-Income Non-Filers
--The IRS is sending compliance letters to high-income taxpayers who have not filed tax returns from 2017 to 2021. IRS urges recipients to file these overdue returns promptly.
--This initiative targets taxpayers earning over $400,000 and prioritizes those with incomes exceeding $1 million.
--For businesses and individuals, addressing these notices quickly is essential to minimize financial and legal consequences.
--If you should have filed yet have not filed tax returns in recent years, please contact us or your regular tax preparer soon.
IRS NEWS: Form 1099-K
--For 2024, merchant card processors and other third party settlement organizations must use form 1099-K to report annual total payments to a single recipient of $5,000 or more.
--This threshold drops to $2,500 for 2025, then drops again to $600 for 2026.
--For 2023 and prior years, the threshold was $20,000.
--In addition to the annual total, the form will also show monthly amounts separately.
--The IRS has also provided temporary relief from penalties for backup withholding obligations in 2024, giving businesses time to adapt to the lower threshold.
IRS NEWS: ERC Scams
--The IRS continues processing 400,000 Employee Retention Credit (ERC) claims, worth $10 billion in eligible refunds.
--However, improper claims stemming from some aggressive marketing efforts have led to increased audits and fraud investigations.
--Additionally, a consolidated claim process helps third-party payers resolve inaccuracies.
IRS NEWS: Clean Vehicle Tax Credit
--The Clean Vehicle Tax Credit offers up to $7,500 for qualified electric or fuel cell vehicles (EVs/FCVs) placed in service between 2023 and 2032.
--Eligibility depends on income thresholds, battery capacity, and assembly location.
--Starting in April 2023, vehicles must also meet critical mineral and battery component standards to qualify for the full credit.
--Buyers may want to check in with their dealers to make sure they provide proper documentation and file Form 8936 with their tax returns.
--Accurate record-keeping is essential to claim this credit successfully.
