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

teacher

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

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 […]

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 […]

Tax Newsletter November 2022

Q&A

The December 2022 Newsletter will provide the remaining questions and answers from the Fall 2022 virtual sessions. In addition, 2023 inflation adjustments -selected issues and some tax planning opportunities issues. In This Issue: Our Fall Seminars Have Concluded – Part 1 of the Q and A Notice 2022-44 Special Per Diem Rates Effective October 1, […]

Tax Newsletter October 2022

Charity giving

In This Issue: IRS Backlog for Processing Forms 941 Increasing IRS Announces the Creation of a New Office New Charitable Remainder Trust IRS Web Page IRS Temporarily Made Form 990-T Data Public Texas Announces 2022 Fourth Quarter Local Sales and Use Tax Rate Changes Michigan Explains Personal Income Tax Treatment of Digital Currencies Office of […]

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 August 2022

Where’s My Refund? In This Issue: CP-14 Notices Technical Advice Addresses Penalties for Failing to E-File Returns – Program Manager Technical Advice 2022-005 Introduction of a Bill to Decriminalize, Tax Cannabis Manchin-Schumer Reconciliation Bill Released New York State Will Follow IRS Tax Deadline Extensions IRS Updates Feature on ‘Where’s My Refund?’  Taxpayers Can Now Track […]