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IRS Issues Guidance On Taxability Of State Tax Payments On February 10, 2023 the IRS announced the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments […]
If You Can’t Beat Them, Join Them! US Virgin Islands Passes Cannabis Legalization Bill On January 18, 2023 the U.S. Virgin Islands legislation to legalize cannabis for adult, medicinal and sacramental use (Virgin Islands Cannabis Use Act “Act 8680”) was signed into law by Governor Albert Bryan Jr. The governor of the Caribbean island territory also […]
Getting Ready For Tax Season 2023 – What You Need To Know About Reporting Cryptocurrency. Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts? The IRS thinks this is the case which is why the IRS has stepped up its investigation efforts to uncover non-compliant taxpayers just like […]
On January 12, 2023, the Internal Revenue Service (IRS) announced that it will process 2022 tax returns beginning January 23, 2023. The IRS states that with the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. As part of the August 2022 […]
IRS providing tax relief for victims of Georgia and Alabama severe winter storms The IRS announced on January 19, 2023 that Storm victims in parts of Georgia and Alabama now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering […]
IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023 the FTB announced that […]
IRS providing tax relief for victims of severe winter storms, flooding, and mudslides in California The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief […]
It’s All How About Much You Keep – NFL Player Odell Beckham Taking His 2021 Salary In Bitcoin Ended Up With A Big Loss Towards the end of 2021 Bitcoin was in its last bull run of the year that would result in a record highs around $60,000. Since then Bitcoin and other cryptocurrencies have […]
New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Put On Hold IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and […]
Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require […]
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