Tax Newsletter June 2023

In this Issue: Taxpayers Face Deadline to Claim Tax Year 2019 Refunds IRS Issues Frequently Asked Questions About Compensation Payment Made by States for Forced Sterilization Fact Sheet 2023-11 Overview of Filing a Final Federal Tax Return for Someone Who Has Died Audit Rates Have Declined Since 2012, IRS Data Book Shows – IR-2023-82 Werfel […]

Tax Newsletter May 2023

I hope you are resting after tax season. TAKE A BREAK! And read this newsletter.. In This Issue: Werfel Settles into Role as New IRS Commissioner Where Are We with the Federal Debt a Report Identifies Tax Cuts as Primarily Responsible Basis Adjustment Does Not Apply to Assets of Irrevocable Grantor Trust Retirement Plan and […]

Tax Newsletter April 2023

In This Issue: Chief Counsel Advice 202302011 – Loss for Crypto Due to Decline of Value Chief Counsel Advice 202302012 – Appraisal Needed for Donated Crypto Notice 2023-21, §6511- Limitations on Credit or Refund—Allowance of Credits and Refunds—Amount of Credit or Refund Filed Within 3 Years – Important Supreme Court: Non-willful FBAR Penalty Applies Per-Report, […]

Tax Newsletter March 2023

In This Issue: IRS Opens Free Portal to File Information Returns Client Update: How to Treat Tips for Tax Purposes Which Employment Tax Records to Keep and For How Long? IRS Saturday Hours for Face-to-Face Help – IRS Assistance Centers Open Across the Nation Keep Up to Date on Expiring Provisions CPAs Promote Simplicity, Fairness […]

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, […]

Q & A Summary: 2022 Year-End Seminars


Digital and Crypto Currency Issues   For people that lost money in the FTX crypto exchange collapse, will their amount that was held in those accounts be treated as a loss for 2022? Apparently, there are still recovery efforts going on.   The losses are not final. The losses may or may not be attributed […]

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


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 […]

Summary of Questions with Answers Received During the 2022 Fall Seminars

question mark

Please refer to the November 2022 Newsletter for the first portion of the Q & A.  Q1: How do other professionals handle privacy papers for tax prep?  We have 3 sheets where we require a signature from the client. What do others require regarding signatures? Gramm-leach Bliley privacy act notice. Taxpayer statement stating they received […]