From CNBC – America’s small businesses aren’t ready for a cyberattack – CNBC https://cnb.cx/3LzBiRV  If you own a small business, read and take action.  You need to prepare for this risk.

You can roll over funds from one IRA to another tax free as long as you complete the rollover within 60 days. What if you miss the deadline? You may owe tax and an early distribution penalty if you’re under age 59½. The IRS may waive the penalty if there are extenuating circumstances. In a […]

Have you ever heard about the “tax gap” and wondered what it is? According to the IRS, “the gross tax gap is the difference between true tax liability for a given period and the amount of tax that is paid on time.” The tax agency explains that estimates consistently show the United States “enjoys a […]

Generally, a loss from real estate activities is a passive activity loss (PAL). A PAL is only deductible from passive income unless the taxpayer qualifies as a “real estate professional.” That means the taxpayer must prove that at least 750 hours of service during the year involved real estate. In one case, an HVAC business […]

If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes. If these payments total at least $600 for the year, payors such as Zelle and Venmo are now required to file a Form 1099-K with the IRS. Previously, the threshold was $20,000. Some members of Congress want […]

Recently, the Treasury Inspector General for Tax Administration (TIGTA) audited the IRS because of its processing backlog and destruction of 30 million information return records (which it uses to identify taxpayers who don’t accurately report their income). TIGTA recommends that the IRS “establish processes and procedures to identify and address corporate, employer, and Heavy Highway […]

You knew it was coming! Digital assets, including cryptocurrencies and nonfungible tokens, are likely to be subject to new regulations soon. The Joint Chiefs of Global Tax Enforcement currently is exploring ways to prevent digital asset-based tax crimes and money laundering. Proposed solutions include intelligence-sharing and coordinated investigation and enforcement actions. Meanwhile, the U.S. Financial […]