Tax Newsletter June 2022
Tax Newsletter: 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 […]
Tax Newsletter April 2022
Tax Newsletter: 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 […]
Tax Newsletter February 2022
Tax Newsletter: 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 […]
The Tax Considerations of Cryptocurrency: An Accountant’s Primer
Tax Considerations of 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 […]
Tax Newsletter March 2021
Tax Newsletter: Your Guide to the 2021 Tax Season How is your tax season going? Do you have new tax preparers on your team who might need a refresher? Check out our summer Tax Boot Camp series on the webinar schedule. Or sign up for the Unlimited package now for $199. In This Issue: Issue 1A: […]
Tax Newsletter February 2021: Are You Ready for Tax Filing Season?
Tax Newsletter: A New Year and a “NEW” 2021 Tax Filing Season Are You Ready? In This Issue Issue 1: 2021 Tax Filing Season Begins Feb. 12; IRS Outlines Steps to Speed Refunds During Pandemic Issue 2: Question and Answers from the 2021 January Quarterly Update Issue 3: Revenue Procedure 84-35 Changes Issue 4: CAA […]
Tax Newsletter: November 2020 Secure Act Part 2?
Tax Newsletter: Will we see a Secure Act Part 2? As we approach the end of– an unexpected, unbelievable 2020 year – many will remember this year for the virus and the extended tax season. Others may remember the transition into online CPE and learning. Unfortunately, the virus will follow us in 2021, but it […]
Tax Newsletter: August 2020
Tax Newsletter: August 2020 As we approach the fall of 2020, the Senate is still considering its options with the HEROES Act. At last glance Congress was putting something together, but I am not sure anyone has a handle on the specifics. More stimulus, more unemployment compensation and more coronavirus legislation are under consideration. The […]
Paycheck Protection Program Flexibility Act Newsletter
June Tax Newsletter: Guidance provided regarding the PPP Loans and the Paycheck Protection Program Flexibility Act. For those of you who attended the PPP Loan Forgiveness webinar, we have summarized the questions we received. In This Issue New Employer Tax Credits: Publication 5419 PPP Questions and Answers Economic Impact Payments Information Glitch in the Transcript […]
Basics & Beyond Tax Newsletter March 2020
Tax Season Cheer! The March Tax Newsletter is Here! We are all knee deep in the 2020 Tax Season so this month we would like to review some items that may be causing difficulties and a reminder of law that is expiring at the end of 2020 which may impact your clients. Our firm will […]