Bankruptcy of cryptocurrency platform

The recent bankruptcy of cryptocurrency exchange platform FTX Trading Ltd. is unsettling for stakeholders. It also has tax implications. FTX is only the latest crypto platform to enter Chapter 11 bankruptcy protection, after Celsius Network and Voyager Digital earlier this year. With no real precedent for large-scale bankruptcy in the crypto industry, tax consequences are […]

The 2022 Renewable Electricity Production Credit

The IRS has provided new 2022 Renewable Electricity Production Credit amounts for qualified facilities. New credit amounts were needed because the Inflation Reduction Act changed the way these amounts are calculated. The 2022 credit amounts on the sale of electricity produced in a qualified facility placed in service after Dec. 31, 2021, are: 2.75 cents […]

Small Business Saturday is Nov. 26

Will ERC Equal PPP In Terms of Fraud? – Newswise https://bit.ly/3hPKKY1

Remarks by outgoing IRS Commissioner

Outgoing IRS Commissioner Charles P. Rettig remains optimistic about the agency’s opportunities to implement transformational changes over the next decade. Rettig said he’s confident that funding provided by the Inflation Reduction Act will be used to accelerate new online features, explore artificial intelligence projects and expand community outreach. At the same time, he added, the […]

donating to charity through an IRA

Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions exist. For charitably inclined taxpayers who are at least 70½ years old, one tax-favored exception is the qualified charitable distribution (QCD). A QCD is a nontaxable distribution made directly by an IRA’s trustee to organizations that are qualified to receive […]

5 steps to take now to cut your 2022 tax liability

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before […]

Closing a business?

If you’re closing a business, there are important bases you may have to cover. Here’s a rundown: File a final tax return and related forms, depending on the type of business. Issue final paychecks to employees and file employment tax reports for the quarter, plus annual reports. Provide Forms W-2 to employees, and Forms 1099-NEC […]

IRS Priority Guidance Plan

Want to know what the IRS plans to prioritize in 2023? Check the 2022–2023 Priority Guidance Plan: https://bit.ly/3NNFjox. It includes 205 guidance projects, including 60 new items, that the IRS will focus its efforts and budget on during the fiscal year. One new addition is a project category for “energy security,” which contains items related […]

2023 limits for businesses that have HSAs — or want to establish them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]