📢 UPDATE: “No Tax on Tips” – Important Clarification
Back in January on T.S.E.G Podcast (Link posted below) I discussed the new “No Tax on Tips” provision and explained that it appeared primarily aimed at traditional W-2 employees. Since then, the IRS has issued additional guidance. Here’s the clarification: The deduction is not strictly limited to W-2 employees. Self-employed individuals may also qualify — […]
Crypto taxes are changing. Be ready before the forms arrive.
The 1099-DA is the most significant change to crypto tax reporting in years. Between now and the end of February, crypto brokers will begin issuing 1099-DA forms reporting digital asset activity. For the first time, millions of taxpayers will receive formal crypto tax documents—and the IRS will receive the same information. This isn’t meant to […]
Know your Deduction types…
Standard, Itemized, and Business Deductions Know the difference between standard deductions, itemized deductions, and business deductions: 1. Standard Deduction: 2. Itemized Deductions: 3. Business Deductions: Key Differences: In short: Eric Polacek, EA
The Corporate Transparency Act. Are you ready?
Thomson Reuters Tax & Accounting October 19th, 2023 Who does the Corporate Transparency Act affect? According to a recent Small Business Administration report, 27,104,006 small businesses were termed “nonemployer firms” and had no employees. The Corporate Transparency Act is designed to improve business activity transparency through the reporting of Beneficial Ownership Information (BOI) and is particularly targeted […]
Families who got the child tax credit last year need to watch for this letter from the IRS
PUBLISHED MON, JAN 3 20221:33 PM EST Carmen Reinicke@CSREINICKE Filing 2021 taxes will look slightly different for families who received the enhanced child tax credit last year. That’s because the monthly payments that were sent to millions of families with eligible children from July to December only accounted for half of the credit. Now, those […]
The IRS says it still hasn’t opened more than 2 million returns this tax season
Published: Oct. 8, 2020 at 1:46 a.m. ET By Andrew Keshner Published: Oct. 8, 2020 at 1:46 a.m. ET The Internal Revenue Service still has to process an estimated 2.5 million hard copy income tax returns within a pile of unopened mail that stands at 5.3 million pieces. That’s according to IRS Commissioner Charles Rettig, […]
COVID-19: IRS Provides Relief from Enforcement Actions
April 13, 2020 Mary Lee Miller EA, LLC During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages.  But don’t worry—the IRS is pausing most of its collection and audit enforcement actions.  Installment Agreements  If you […]
CARE Act: New Rules for Retirement Withdrawals
Bradford Tax Institute April 2020 COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay  More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation […]
COVID-19: Tax Season Delayed Until July 15 – Wait or file now?
Mary Lee Miller EA, LLC April 1, 2020 COVID-19: Tax Season Delayed Until July 15 – Wait or file now? As you know, the COVID-19 pandemic has shut down much activity in the United States. The IRS decided to use its authority in a national emergency to postpone certain tax return […]
What Cash Businesses Can Do to Avoid IRS Audits
BY JEAN MURRAY Updated July 11, 2019 Cash businesses (those that take in mostly cash, such as restaurants, flea market vendors, beauty salons, and many others) are more likely to be audited by the IRS and have a particular problem when audited because it is difficult to verify income received in cash. It’s called the […]