Crypto regulation

Greater regulation of digital assets could be coming. On March 9, President Biden signed an executive order (EO) to expand oversight of cryptocurrency markets. The EO also prioritizes the assessment of a Central Bank Digital Currency (CBDC). Various government financial regulators will assess how the “adoption of digital assets” would affect U.S. investors and businesses. […]

Emissions impacted by Tax?

How are carbon-dioxide emissions affected by tax or allowance prices on them? A recent Congressional Budget Office (CBO) paper examines this question. It scrutinizes three groups: the electrical power industry, the transportation sector and a composite residential, commercial and industrial group. In the electrical power industry, “price sensitivities of energy-related emissions over the first 10 […]

Know your Rights

Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes […]

IRS levy

If an individual doesn’t pay a tax debt, an IRS levy permits the legal seizure of his or her property. The IRS can garnish wages, take money in a bank account and seize vehicles, real estate and other personal property. In one case, a credit union surrendered the contents of a man’s account to the […]

Missing a form

Are you missing a key tax document? Or did you receive a document with errors? Employers must send W-2s (Wage and Tax Statements), Forms 1099-NEC (Nonemployee Compensation Statements) and other 1099s by Jan. 31 each year. If you’re missing a form or received an incorrect document, start by contacting the employer or other responsible entity. […]

Extended filing and payment deadlines

Most people welcome the arrival of spring. But unfortunately, spring can mean a higher incidence of such natural disasters as tornados and flooding. To help individuals and businesses affected by disasters, the IRS regularly updates a list of tax relief by jurisdiction. Currently, it includes information for those affected by Washington state storms, Colorado fires […]

Tax policy on emissions

Was that a Yes or a No?

It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency? According to the IRS, some examples of a transaction involving virtual currency are the receipt […]

IRS creates new Office

The IRS has established its first-ever Taxpayer Experience Office. The new office will focus on all aspects of taxpayers’ transactions with the IRS. Specifically, in the near-term, the office will seek to expand customer callback, provide additional payment options, secure two-way messaging and offer more services for multilingual customers. The office will work in conjunction […]

Energy Credits Proposed

Among the many consequences of Russia’s invasion of Ukraine are higher energy prices and fears about oil and gas shortages. But recently, Senate Finance Committee Chairman, Ron Wyden (D-OR) argued that Congress can kill two birds with one stone by passing clean energy tax incentives. Tax breaks could help reduce the country’s dependence on foreign […]