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 […]
It’s Getting Worse: The IRS Now Audits Poor Americans at About the Same Rate as the Top 1%
by Paul Kiel May 30, 10:16 a.m. EDT As the agency’s ability to audit the rich crumbles, its scrutiny of the poor has held steady in recent years. Meanwhile, a new study shows that audits of poor taxpayers make them far less likely to claim credits they might be entitled to. Every year, the IRS, starved of funds […]
What are your chances of being audited by the IRS?
April 13, 2019 The Week Staff Here are three of the week’s top pieces of financial advice, gathered from around the web: 40 years’ worth of lattes Does buying a daily latte put your retirement nest egg at risk? asked Barry Ritholtz at Bloomberg. The answer is — probably not. But let’s say you consume five lattes […]
IRS Forms 1099 Are Coming: Pay Attention To What You Receive
~ Robert W. Wood, Contributor Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever the forms come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off at the IRS. […]