FTX cryptocurrency loss

Investors with inaccessible assets tied up in cryptocurrency exchange FTX Trading Ltd. will need to wait until court proceedings conclude before learning if loss deductions will be available. FTX filed for bankruptcy in early November. Legible, a cryptocurrency tax and accounting platform, has stated that consumers are likely to incur deductible losses but not soon. […]

Innocent Spouse relief?

Is the IRS holding you responsible for a debt that your spouse or ex-spouse owes? If you file jointly, the IRS may offset the debt using a refund that YOU have coming. Or the agency may file a federal tax lien or levy to collect the debt from you. The IRS Tax Advisor Service (TAS) […]

Accounting policies and procedures are essential for nonprofits, too

Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and monitoring financial results to paying invoices and handling payroll tax, there’s a lot that falls under the accounting umbrella. Are these tasks, and others, being managed as efficiently at your organization as they could be? […]

Do you have a profit motive?

Businesses can generally deduct related expenses on their tax returns. If there’s doubt that a profit motive exists, the IRS may deny deductions. One married couple purchased solar lenses that were supposed to eventually be leased. They claimed depreciation deductions and solar energy tax credits that allowed them to pay little or no income taxes. […]

Amending a return?

Some taxpayers may try to reduce the risk of accuracy-related tax penalties by filing a qualified amended return. These returns are filed after a regular return’s due date, but generally before the IRS contacts the taxpayer about conducting an audit. (Other rules apply for pass-through entities.) New regulations designed to ease the process for large […]

Need to take RMDs this year?

How Does Your State Rank on Corporate Taxes?

Ranking State Tax Systems: Corporate Taxes https://bit.ly/3Vq8xfT

Extended COVID-19 penalty relief available in disaster areas

The IRS is reminding taxpayers in certain declared disaster areas that extended COVID-19 penalty relief is still available for 2019 and 2020 tax returns (but not 2021). The disaster areas with a deadline of Feb. 15, 2023: Florida, Puerto Rico, North Carolina, South Carolina, certain Alaska jurisdictions and Hinds County, Mississippi. The relief applies to […]

The House Ways and Means Committee

The Ways and Means Committee is the chief tax-writing committee in the U.S. House of Representatives. It also oversees Social Security, Medicare and other issues. Not surprisingly, it’s a popular assignment. Now that Republicans have secured a House majority, their representation on the committee is expected to increase from 17 to 25. (Democrats likely will […]

Act now to reduce your business’s 2022 tax bill

It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration. […]