Tax Newsletter February 2023

Is it necessary

New guidance has been issued in the form of FAQ’s related to handling Form 1099-K and sale of personal property, unrelated to business.  This was discussed in our year-end sessions.  We have reproduced the FAQs for your convenience in this newsletter. Though IRS has announced a transition period for the new thresholds to become effective, […]

SECURE 2.0 Act: Everything a Tax Professional Should Know

Secure 2.0

Congress and the House of Representatives have been busy lately. This comprehensive blog, plus our accompanying educational webinar for CPE credits, attempts to demystify much of the information about Secure Act 2.0 for tax professionals. The SECURE 2.0 Act of 2022 was passed by the U.S. Congress on December 23, 2022, and signed into law […]

1099K Questions & Answers

1099K

During both our Fall and Year-end sessions, all instructors addressed various issues concerning the NEW 1099-K reporting.  IRS at the time of the classes had failed to issue any definitive guidance, so we discussed possible options of reporting on the Sch C and Sch D if a gain is the result. IRS issued guidance in […]

Tax Newsletter January 2023

Omnibus Bill

While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released the text of the mammoth “omnibus” spending bill, which includes a final SECURE 2.0 package (now officially named the SECURE 2.0 Act of 2022) that retains many of the key provisions supported by the American […]

Tax Newsletter September 2022

Tax Relief

In This Issue: COVID Tax Relief Patiently Wailing for the New Circular 230 Update – Potential Changes Reminder: Fingerprint Card Cut-off Date for the e-file Application Summary of Tax Provisions in the Inflation Reduction Act (IRA) Tax Tip 2022-122, Tips on Closing a Business Court Authorizes Service of John Doe Summons Seeking the Identities of […]

Tax Newsletter July 2022

July 4th

In This Issue IRS Increases Mileage Rate for Remainder of 2022 TIGTA Releases Public Service Announcements Warning Taxpayers of the Ongoing Threat of IRS Impersonation Scams Senate Bill Sets Stage for Crypto Tax Clarity Illinois—Cook County Minimum Wage Increase on July 1 Connecticut Provides a 10-year Statute of Limits, Revises Other Tax Collection Provisions, and […]

Tax Newsletter June 2022

paper shredding

IRS Statement Concerning the Destruction of 30 million Information Returns Due to Software Limitations – Tax Year 2020 In This Issue: Study States Nearly Half of Tax Returns Can Be Prefilled New Partnership Audits on the Horizon No Step-up in Basis for Private Foundation’s Assets Form 941 – A Bit of History Final Foreign Tax […]

Tax Newsletter April 2022

Taxes Spring

2022 Filing Season Updates! In This Issue: Taxpayer Experience Office Formally Established IRS Update Regarding Recent Electronic Filing Challenges in Connection with Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations President Biden Signs Executive Order on Digital Assets Iowa Tax Changes IRS Finalizes Fee Increase for SEE, Proposes Higher EA Fees Crowdfunding May […]

Tax Newsletter February 2022

Tax Deadlines

2022 Tax Season Begins on January 24th 2022, and Announces Deadline Information In This Issue List of Provisions Expiring in 2021 – Tax Planning Issues The 2022 Form W-4 Employee’s Withholding Certificate IRS Corrects the American Opportunity Tax Credit Identification Requirement in the FAQ’s IRS Announced Delays in Processing Employer Credit Advanced Payments FS-2022-02 Announcement […]

The Tax Considerations of Cryptocurrency: An Accountant’s Primer

cryptocurrency

Digital/Virtual/Cryptocurrency are an electronic representation of monetary value, an alternative asset. The market is highly volatile, and questions remain as to whether digital is a legitimate currency. This article will help you better understand cryptocurrency, as well as its tax implications. In its infancy, such items as Bitcoin and certain other digital currencies had a […]