Earlier this month, the IRS announced that it was implementing a moratorium on the acceptance of new Employee Retention Credit claims until 2024. Any businesses that had planned to file a claim in the coming months must wait until 2024, when a series of new measures to prevent fraud will be in place. The pause …
IRS Announces Pause in Employee Retention Credit Claims Read More »
One of the perennial fears of taxpayers is getting audited by the IRS. Financially, few scenarios strike such fear into the heart of taxpayers. However, taxpayers can probably breathe a sigh of relief – at least for now. This is because the rate at which the IRS is initiating audits of individual taxpayers is dropping …
Starting in 2020, new legislation increased the age to begin Required Minimum Distributions (RMDs) from 70½ to 72. More recently, the IRS updated the Uniform Life Table for alignment with longer life expectancies. Note that it takes years for actuaries to work up new data for this table, and the recent changes do not reflect …
New Required Minimum Distribution Rules for 2022 Read More »
The IRS is currently suffering a severe backlog in processing returns from 2021 for the 2020 tax year. As of Dec. 31, there were still more than 6 million unprocessed individual returns with notices and pending refunds. There are a few things every taxpayer should know that can help them navigate any delays in filing …
Sales and trading of nonfungible tokens (NFTs) are soaring recently. With the emergence of major marketplace platforms such as Opensea, NFTs are no longer an obscure segment of the blockchain technology world. Even old guard auction houses such as Sotheby’s are getting in on the action. In early September, the auction house facilitated the sale …
In May’s newsletter, we addressed virtual currencies and, more specifically, the tax consequences and recognition required due to the new IRS initiative, IRS: Hidden Treasure. In this article, we will develop and address the tax consequences related to the mining of virtual currencies such as Bitcoin, Ethereum, etc. as well as related tax issues, reporting …
Mining Virtual Currency: What Are the Tax Implications and Consequences? Read More »
What is Operation Hidden Treasure? In early March 2021, the IRS has issued directives to address taxable transactions, sales, and exchanges regarding virtual currency in the upcoming tax years in an attempt to get ahead of individuals and businesses utilizing cryptocurrencies. More specifically, with this directive, the IRS is moving to identify individuals who own …
The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial impact on Americans struggling through the COVID-19 pandemic. There are changes to many aspects of the credit, so let’s look …
Everything There is to Know About the New Child Tax Credit Read More »
