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New Tax Reporting Requirements For Cryptocurrencies And Other Digital Assets In Senate Infrastructure Bill
On August 10, 2021, the U.S. Senate passed a $1 trillion infrastructure bill after months of negotiations. Tucked away within the sweeping legislation are measures that would extend Form 1099-B and cost basis reporting requirements to so-called “digital assets” such as Bitcoin and Ethereum. The requirements, which are expected to raise $28 million of revenue […]
Government’s Latest Move On Cryptocurrency Taxation
$1.1 Trillion Infrastructure Bill Is Government’s Latest Move On Cryptocurrency Taxation The proposed infrastructure bill valued at just over $1 Trillion over a 5-year period has recently made its way through the senate1. The Bipartisan Infrastructure Deal is monumental and would make some of the largest federal investments in public transit, clean drinking water, bridges, […]
What Is IRS Notice Of Deficiency?
Ordinarily, taxpayers file their income tax returns each year with the IRS and hear nothing more. Rather, the Internal Revenue Service (“IRS”) simply processes the tax return, assesses the reported amount of tax due, and accepts and credits the taxpayer’s payment against the reported tax amount. In this manner, life moves on until the […]
Understanding Your Taxes If You’re A Side-Hustling Independent Contractor
In today’s day and age, it’s not uncommon to come across people who have side hustles to make some extra cash, especially since the start of the Covid-19 pandemic. The fact that many people have found themselves unemployed, making less money overall, or just have more free time than they did before gave even more […]
“The Tax Court in Brief”
“The Tax Court in Brief” Plentywood Drug, Inc. | April 26, 2021 | Holmes| Dkt. No. 17753-16 Short Summary: The Tax Court was asked to decide whether rent paid by the Taxpayer was reasonable. The Taxpayer was owned by four related individuals (the “Shareholders”). The Shareholders owned the building where the the Taxpayer was operating. […]
36 Small Business Deductions, From A to Z
36 Small Business Deductions, From A to Z Is your small business taking advantage of every tax deduction it qualifies for? Here are 36 deductions that may help your business save money on taxes. Also referred to as tax write-offs, business deductions are allowable expenses that you can use to lower your business’s taxable income. […]
How to avoid a business tax audit
You can lower your odds of a tax audit by taking certain steps with your tax return and avoiding others – you just need to be “DIF” score savvy. DIF stands for “discriminate information function,” a program the IRS uses to determine if your small business-related tax return is ripe for an audit. While DIF […]
You Can View Your IRS Account Online
The first step of tax preparation is gathering records As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays. Taxpayers should have all necessary records […]
Saver’s Tax Credit: An Incentive to Save For Retirement
A lot of people struggle to find the funds they need to build their retirement savings. Fortunately, a non-refundable tax credit, known as a retirement savings credit, can make saving a lot easier. Often referred to as a saver’s credit, it allows eligible individuals to benefit from tax considerations in addition to the deductions they […]
IRS Revenue Rulings: Loan Guarantee Under PPP
IRS Revenue Rulings: Loan Guarantee Under PPP May a taxpayer that received a loan guaranteed under the Paycheck Protection Program (PPP) authorized under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) (covered loan), and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the Coronavirus Aid, Relief, and Economic Security […]