IRS: Updates to Question on Digital Assets; Taxpayers Should Continue to Report All Digital Asset Income

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 [...]

Sole Proprietorship

Massachusetts follows most federal laws for small businesses. The majority of small businesses are sole proprietorships. A sole proprietor is an unincorporated business with one owner who pays personal income tax on business profits. A sole proprietor will complete Schedule C. Schedule C acts as a profit or loss statement for your business and is a [...]

IRS Provides Tax Inflation Adjustments for Tax Year 2023

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 [...]

IRS Issues Standard Mileage Rates for 2023; Business Use Increases 3 Cents per Mile

This article was published by the IRS. The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel [...]

W-2s, W-3s, 1099-NEC, Information Returns Due Date: January 31

If you are an employer, here is an important filing deadline reminder. The law requires you to file a copy of the W-2 forms you give to your employees by January 31st. You are also required to file the W-3 forms. Remember, you need to send these forms to the Social Security Administration. In addition, if [...]

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