IRS delays cryptocurrency reporting

The IRS has delayed cryptocurrency reporting. The tax agency announced that until it issues final regulations, brokers won’t be required to report or furnish additional information with respect to dispositions of digital assets. They also won’t have to issue additional statements or file any returns with the IRS on transfers of digital assets. The reporting […]

IRS delays lower 1099-K threshold to 2023

In a surprise move, the IRS announced third-party settlement organizations won’t be required to report much lower tax year 2022 transactions on Form 1099-Ks to the IRS or the payees. The lower $600 threshold amount was enacted as part of the American Rescue Plan of 2021 and had been scheduled to kick in for the […]

Secure 2.0 Act Passes

Congress has passed the Consolidated Appropriations Act of 2023. The new law also encompasses the SECURE 2.0 Act, with many retirement saving provisions that will phase in over several years. For example, the law permits a beneficiary of a 529 college savings account to make direct rollovers from a 529 account in his or her […]

Tax Court rules on IRS prepared return

If a person has taxable income but doesn’t file a tax return, the IRS can prepare one under its “Substitute for Return” program. In one case, the operator of a real estate consulting firm received gross income of nearly $368,000 in one year but didn’t file a tax return or pay estimated tax. The IRS […]

Deduction for office supplies still available

Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy […]

Innocent spouse relief

Spouses who file joint federal tax returns are both generally liable for the tax owed. But joint filers may be eligible for innocent spouse relief. In one case, the U.S. Tax Court ruled that a wife wasn’t entitled to relief from tax liability with her husband. She didn’t prove that she was unaware of tax […]

What is deductible?

Taxpayers can deduct all “ordinary and necessary expenses” paid in carrying on a trade or business. But they must prove that they’re entitled to the deductions claimed. In one case, the U.S. Tax Court ruled a married couple wasn’t entitled to deduct various business expenses for which they offered no valid or insufficient substantiation. For […]

Would Americans Make Charitable Donations without Tax Incentives?

Would Americans Make Charitable Donations without Tax Incentives? https://bit.ly/3hQJK6j

Merry Christmas

Joy and blessings, from our family to yours, this Christmas and every day.Merry Christmas!

Taxes in Everything: Die Hard Edition

Taxes in Everything: Die Hard Edition https://bit.ly/3Vrb3Sp