Non-fungible tokens

The Joint Chiefs of Global Tax Enforcement (J5) has issued a bulletin containing best practices for taxpayers who’ve purchased, or are planning to purchase, non-fungible tokens (NFTs). The J5 is a grouping of the tax agencies of the U.S., Canada, U.K., Netherlands and Australia. NFTs can be anything digital, including music, that can be considered […]

Health Savings Accounts

Health Savings Accounts (HSAs) are tax-advantaged savings accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay for qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts based on inflation. For 2023, the HSA contribution amount for individuals is $3,850 […]

The tax mechanics involved in the sale of trade or business property

There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held primarily […]

Work Opportunity Tax Credits

Does your business qualify for the Work Opportunity Tax Credit (WOTC)? The IRS answered that question in a recently released one-page publication. The WOTC is a one-time credit for each new hire who faces employment barriers. To claim the credit, employers must file a form with their state’s workforce agency. The employer must also obtain […]

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses […]

Qualified Opportunity Zones and cryptocurrency

U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) has expanded a probe into cryptocurrency links to qualified opportunity zones (QOZ). The QOZ program allows investors who recognize capital gains to reinvest those gains, tax-deferred, in QOZ-related funds that then invest in QOZs throughout the country. Wyden is “concerned by recent reports that companies involved in […]

Leveraging internal audits

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think beyond compliance. Internal auditors who understand the big picture can expand their department’s influence by helping their organizations mitigate risk, improve […]

Defined benefit plan updates

If your company offers employees a single-employer defined benefit plan, take note: In Notice 2022-22, the IRS has released 2023 mortality improvement rates and static mortality tables. These rates and tables are used to determine present value and make other calculations for valuation dates that occur during calendar year 2023. For example, they prescribe funding […]

HSA amounts rise for 2023

Inflation boosts HSA amounts for 2023 https://bit.ly/3KCiqBl

Where’s my Refund?

Are you waiting for a federal tax refund? Be patient. Most taxpayers who e-file and choose direct deposit receive refunds they’re owed within 21 days. However, as a recent IRS Tax Tip explains, several things might delay it. These include errors, incomplete forms and identity theft. Also, if you require a correction to a Child […]