Keep good records of your cryptocurrency transactions

As the IRS begins compliance work on cryptocurrency transactions, taxpayers who participate in them should prepare their documentation for scrutiny. You need to keep good crypto activity records because you may not be able to rely on your transaction platform to provide that data. However, some platforms, such as Coinbase, send Form 1099s to customers […]

IRS issues estimate reminder

The IRS is reminding self-employed people, gig workers, retirees and others who make estimated tax payments that their third quarter deadline was Sept. 15, 2023. You should make estimated payments if you expect to owe at least $1,000, after subtracting for withholding and credits, in 2023. Use the Tax Withholding Estimator at irs.gov to accurately […]

Georgia Tax relief

Following a disaster declaration issued by the Federal Emergency Management Agency, the IRS is providing victims of Hurricane Idalia in Georgia relief from upcoming tax deadlines. The relief applies to individuals and businesses in 28 Georgia counties affected by Hurricane Idalia. It postpones various filing and payment deadlines from Aug. 30, 2023, to Feb. 15, […]

IRS issues notice covering corporate alternative minimum tax

The corporate alternative minimum tax (CAMT) imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations. Generally, the CAMT applies to large corporations with average AFSI exceeding $1 billion. In Notice 2023-64, the IRS has provided guidance to help corporations determine whether they’re liable for the CAMT and, if so, […]

Is your charity legitimate?

Many taxpayers ramp up their charitable giving towards year-end, to support causes they care about and possibly secure a tax deduction. Before you give, the IRS reminds taxpayers to verify that the organizations they give to are legitimate and tax-exempt. You can use the IRS Tax Exempt Organization Search tool to find out the status […]

GAO issues report on IRS safeguarding taxpayer data

The “IRS needs to address critical safeguard weaknesses,” according to a Government Accountability Office (GAO) report. The GAO’s focus was to look at how well the IRS has implemented prior recommendations related to cybersecurity and protection of taxpayer data. One serious challenge is the risk involved when the IRS transfers taxpayer data to contractors. Since […]

Deceased spousal unused exclusion in your estate

When taxpayers die, their deceased spousal unused exclusion (DSUE) can be transferred to their surviving spouses. This is usually referred to as “portability.” However, the executor of an estate is required to file an estate tax return within nine months of the decedent’s death that elects portability and describes how the DSUE amount was calculated. […]

IRS provides guidance on amortization of research expenditures

Prior to 2022, companies could deduct qualified research and experimentation expenses immediately. Under the Tax Cuts and Jobs Act, such expenses are subject to a five-year amortization period (15 years for foreign research). New IRS guidance details how businesses should handle specified research or experimentation (SRE) expenditures for tax years ending after Sept. 8, 2023. […]

Do you have a foreign bank account?

Certain taxpayers must annually report their foreign financial accounts to the U.S. Treasury by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114. Specifically, U.S. taxpayers must file an FBAR to report a financial interest in an account located outside the U.S. if the aggregate value […]

The IRS’s High Wealth, High Balance Due Taxpayer Field Initiative

IRS Commissioner Danny Werfel stated in a news release that the IRS is ensuring that wealthy taxpayers are being held accountable to pay the full amount they owe. He added that the agency is doing so by enforcing already existing laws. Specifically, the High Wealth, High Balance Due Taxpayer Field Initiative focuses on taxpayers with […]