Carry Learning Center

The IRS has issued new guidance clarifying that the Form 1099-K reporting threshold has been restored to $20,000 and 200 transactions. This reverses earlier plans to lower the threshold under phased rollout guidance. The change stems from the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, which applies retroactively to [...]

The IRS released new guidance limiting Employee Retention Credits (ERC) for businesses that filed claims for the third and fourth quarters of 2021 after January 31, 2024. The guidance, outlined in Fact Sheet 2025-07, addresses restrictions enacted under recent legislation known as the One, Big, Beautiful Bill. Under these new rules, businesses that submitted ERC claims [...]

The IRS has issued guidance for a new tax benefit that allows individuals to deduct interest paid on car loans for qualifying new vehicles. This update stems from the One, Big, Beautiful Bill Act (H.R. 1), which established the new personal car-loan interest benefit referenced by the IRS. IRS Notice 2025-57 (IR-2025-105, Oct. 21, 2025) provides transitional [...]

The Internal Revenue Service (IRS) has experienced significant leadership transitions and operational shifts over the past three years, including recent workforce adjustments under the current administration. Danny Werfel took over as IRS Commissioner in April 2023, replacing Charles Rettig, who completed his term after overseeing the agency through unprecedented pandemic relief efforts. During Rettig’s tenure, the [...]

The Internal Revenue Service (IRS) reminded taxpayers today that those who filed extensions for their 2024 tax returns must submit their filings by October 15, 2025—tomorrow at midnight. In a statement released October 14, 2025, the agency clarified that the ongoing federal government shutdown does not alter existing tax filing obligations or statutory deadlines. The IRS [...]

The Internal Revenue Service on October 8, 2025, issued Revenue Procedure 2025-32, announcing inflation adjustments for tax year 2026 that include higher standard deductions and updates to more than 60 tax provisions. For most taxpayers, the headline change is the increased standard deduction. Married couples filing jointly will see their standard deduction rise to $32,200 in [...]

The IRS has issued guidance providing deposit penalty relief to remittance transfer providers during the first three quarters of 2026, as companies prepare to implement a new 1% excise tax on certain remittance transfers. Notice 2025-55 acknowledges the challenges providers may face when adapting to the new requirements under the One, Big, Beautiful Bill. Starting January [...]

The U.S. Department of Labor has announced a new enforcement relief policy allowing retirement plan administrators to transfer small unclaimed benefits to state programs under specific conditions. Under the policy announced January 14, 2025, plan fiduciaries can transfer retirement benefits of $1,000 or less to state unclaimed property funds without facing federal enforcement action. The policy [...]

The IRS has issued a reminder about taxpayer rights, specifically the right to professional representation during any interaction with the tax agency. This protection, part of the Taxpayer Bill of Rights codified by Congress in 2015, allows individuals to have an authorized representative handle their tax matters on their behalf. Under this provision, taxpayers can choose [...]