Tax

Cryptocurrency & Taxes Part II: Taxation of Cryptocurrency

Welcome to Part II of our three-part cryptocurrency series!  With the fame, and not to mention value, of cryptocurrency exploding in the past few years, it has caught the attention of the U.S. Government.  The intention of this series is to guide you through the tax implications of transacting in cryptocurrency.  As mentioned in Part…

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How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about…

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Tax Tips: January/February 2022

Watch out for tax scams As tax season ramps up, taxpayers should be on the lookout for common scams that tend to peak this time of year. The IRS annually publishes its Dirty Dozen list of the worst tax-related scams. Two examples from the 2021 list include: Unemployment fraud, in which scammers file fraudulent claims…

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Employer-Provided Child Care Credit Helps Businesses Help Their Workers

The COVID-19 pandemic has led to a significant increase in the number of employees working from home. Given the convenience of remote work, especially for parents of young children, employers of in-person workers are under increasing pressure to provide child care. Fortunately, the tax code provides an incentive, in the form of the Section 45F…

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Wealth Protection: How to Shield Assets From Creditors’ Claims

Generally, most people concentrate their asset-protection efforts on insulating their personal wealth from frivolous lawsuits or other claims. But if a significant portion of your wealth is invested in a business, it’s equally important to protect its assets from unreasonable or excessive creditor claims. Let’s take a look at several asset-protection strategies available for a…

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Did you receive an IRS Notice CP01A for an IP PIN? Please keep a copy for your CPA!

The IRS is currently mailing out Notice CP01A to taxpayers.  This is the notice that assigns a taxpayer an Identity Protection Personal Identification Number (IP PIN).  You would receive this letter if you were a victim of identity theft and you have previously filed Form 14039 – Identity Theft Affidavit with the IRS.  (You may…

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Cryptocurrency & Taxes Part I: Cryptocurrency Reporting Requirements

If someone asked you ten years ago if you had heard of cryptocurrency, what would your answer have been?  If asked about Bitcoin or a “soft fork,” would your mind have gone to an unfortunate penny that went through the garbage disposal?  How about a particularly flimsy piece of cutlery?  Or would you have been…

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Defer tax with a like-kind exchange

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind…

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Tips and Tricks to Navigating the IRS.gov Website

Many tax questions can be answered without leaving your home, waiting (and waiting) on hold with the IRS or calling your tax professional.  The Internal Revenue Service official webpage, www.irs.gov, is your source to find answers to a myriad of questions.  Here are some common questions that can be answered or tasks that be completed…

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Gig Workers Should Understand Their Tax Obligations

The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands…

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