This article was published by the IRS. The Internal Revenue Service is reminding taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used [...]
This article was published by the IRS. The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax [...]
This article was published by the IRS. Reminder that businesses can temporarily deduct 100% beginning January 1, 2021 This is a reminder that the Treasury Department and the Internal Revenue Service have issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% [...]
Under the broker information reporting rules, brokers must report transactions in securities to both the IRS and the investor. These transactions must be reported on Form 1099-B. Legislation enacted in 2021 extends these broker information reporting rules to cryptocurrency exchanges, custodians, or platforms (e.g., Coinbase, Gemini, or Binance), and to digital assets such as cryptocurrency (e.g., [...]
This article was published by the IRS. On February 10, 2022, the IRS announced it will temporarily stop mailing some automated collection notices. Which automated collection notices are suspended? The IRS will temporarily stop mailing the following individual and business automated collection notices: CP80, Unfiled return notice CP59 and CP759 (Spanish), Unfiled tax return(s) 1st notice [...]
