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Internal Revenue Service Announcement for 1099-K Forms
Posted in IRS,tax planning,taxes on January 24, 2023
The Internal Revenue Service has announce that they will delay the implementation of the requirement to issue 1099-K forms from third party payment platforms for transactions of $600 or more. The American Rescue plan required these forms be issued for the 2022 tax year. The reporting requirement is now in effect for 2023. This allows… (Keep reading)
Posted in IRS,tax planning,taxes on January 24, 2023
In 2023, The Treasury Department promises an improved tax filing season but the $80 billion in extra funding won’t be felt for a couple of years. Improvements to taxpayers’ services will be the exception. In 2023, Taxpayers should be able to reach a live person on the IRS’s toll-free lines about 85% of the time… (Keep reading)
The Death of a Loved One is Extremely Difficult
Posted in asset protection,IRS,tax planning,taxes on September 26, 2022
The death of a loved one is extremely difficult. This information should help so at least their final tax return will not be a nightmare. After the death of your spouse, their final tax return (Form 1040) should be filed the following April 15th after their death. The preparer will check a box on the… (Keep reading)
Posted in asset protection,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on August 18, 2022
A self- employed individual wears two hats for tax purposes, they are both the Employer and the Employee and pay both the Employer and the Employee portions of the FICA and Medicare (Self – Employment) taxes to the IRS. Self employed individuals fall into three categories. The first is the Sole Proprietor or Single Member LLC owner… (Keep reading)
Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency. Therefore,… (Keep reading)
Opportunity for Year End Tax and Asset Planning
Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021
First thing, of course, is be prepared. I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis. This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)
Posted in Firm News,IRS,taxes on August 18, 2021
Anyone who has tried to contact the Internal Revenue Service in the last eighteen months can probably tell you about long wait times, courtesy disconnects and in general, a very frustrating experience. The outdated systems and technology at the IRS were ill equipped to handle remote work and much of the work that did occur… (Keep reading)
Posted in Firm News,identity theft,IRS,phishing,scams,tax planning,taxes on August 16, 2016
Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is… (Keep reading)
