21 02, 2024

Taxpayers Should Answer Crypto Question, Report Digital Asset Income

The IRS has issued a news release reminding taxpayers that they must answer the digital asset question and report all digital asset income when they file their 2023 federal income tax returns. ( IR 2024-18 , 1/22/2024) Digital asset question. Generally, the digital asset question for individuals reads: "At any time during 2023, did

13 12, 2023

Corporate Transparency Act — Beneficial Ownership Information Reporting

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of

13 05, 2022

MUST READ: A Tax Nightmare on Your Horizon.

A recent tax law change by this edition of Congress now requires transaction reporting to the IRS for anyone receiving more than $600 in payments through digital payment tools like PayPal, Venmo, and CashApp. It also impacts anyone using transaction platforms to buy or sell tickets for sporting events and concerts. Here is what

6 05, 2022

Maximizing the Tax Benefit of Charitable Deductions

Your charitable contribution deductions are still a great tax savings tool, but they now require more planning. Now is a great time to look at this area as part of your tax planning exercise. Background Typically, cash and non-cash charitable donations can be deducted on an itemized return. But with the standard deduction now

28 04, 2022

If You’re Expecting a Refund, Read This!

If you’re getting a refund, here are four useful tips to know. The average refund is more than $3,500. Through February 18, the IRS reports the average refund is $3,536, which is up 22% versus the same time last year. Since a refund is really your money to begin with, it’s like giving the

14 04, 2022

It’s Tax Time! Estimated Taxes are Due.

Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know. First quarter due date: Monday, April 18, 2022 The estimated tax payment rule You are required to withhold or prepay throughout the 2022 tax year at least 90 percent of

24 03, 2022

Homeowner Alert! Review Your Tax Forms

Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to you and the IRS using Form 1098, it no longer means all the interest and points reported on these statements are tax deductible. Here's what you need to know. Mortgage interest