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Reporting Crypto for Tax Purposes

The number of people investing in cryptocurrency is increasing as more investors become familiar with how this asset functions, may be acquired, held as an investment asset, or used in purchase transactions. Cryptocurrency, or what the IRS calls Virtual Currency, is a digital representation of value, aside from the U.S. …

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The Benefits of Filing a Tax Extension

Millions of taxpayers file for an extension each year, and for good reason. Filing an extension comes at no cost or penalty and provides up to an extra six months to complete the tax return filing process. There are additional benefits and considerations for taxpayers to keep in mind as …

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California Expands Passthrough Entity Elective Tax

California legislature recently passed SB 113, modifying the state’s elective tax on passthrough entities (PTE). The signing of this much anticipated bill makes taxpayer-friendly adjustments to the existing PTE tax law beginning (retroactively) on January 1, 2021, through January 1, 2026. In doing so, California joins the list of other …

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Meals and Entertainment Deductions for 2021-22

The deductibility of meals and entertainment expenses for business purposes changed, temporarily, as part of the Consolidated Appropriations Act (CAA) signed into law on December 27, 2020. Certain food and beverages expenses incurred during the 2021 and 2022 calendar year will be 100% deductible if purchased from a qualifying restaurant. Under Notice …

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2021 Tax Preparation & Updates

As the 2022 filing season rapidly approaches, taxpayers should be aware of federal tax law changes and updates that will affect individual 2021 income tax returns. For the 2021 tax year, tax rates remained the same; however, the federal government made certain changes to the income tax brackets to account …

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Tax-Saving Strategies for 2022 & Changes to Taxable Income Brackets

With inflation hitting a 30-year high, now would be the time to consider tax-savings strategies for 2022. All taxpayers should be aware of the most significant tax deductions and credits to ensure they are taking advantage of those most applicable.     Adding more funds to retirement accounts is one …

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Tax Implications of Gift-Giving

Gifting financial or personal assets in the present day offers immediate resources to a person’s beneficiaries and provides the extra enjoyment of watching the gifts enrich their lives. While it can be personally rewarding to bask in their delight, there are added tax benefits, such as reductions in the taxable …

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2021 Year-End Tax Checklist

The 2021 tax year is quickly ending, with only weeks left to take advantage of the available tax breaks. Below are some key strategies to potentially help minimize taxes.   Evaluate Opportunities for Roth Conversions   Investors with traditional IRAs might consider converting to a Roth IRA. Investors who move …

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What Requirements Must Be Met to File Information Returns?

If an individual or company pays individual, partnership, estate, or corporation (in some cases) taxes, they are most likely required to file an Information Return with the IRS.   The most common types of payments requiring an Information Return filing include payments for services performed by someone who is not …

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Shareholder Premiums & Tax Deductions

Does your S corporation pay health and accident insurance premiums on behalf of a greater than 2-percent shareholder-employee? If so, there are rules to consider when it comes to health and accident insurance premiums, reporting, and deductibility.   IRS Notice 2008-1 defines a 2-percent S corporation shareholder as “any person …

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Vehicle-Related Expenses & Reporting

As we reach the end of the 2021 calendar year, there are several year-end tax items an employer should consider, such as the deductibility of company-owned and company-leased vehicles provided to their employees. It is important to keep track of business use and personal use of company vehicles separately. Personal …

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State Tax Deductions for Business

Taxpayers may have an opportunity to deduct state taxes paid in 2021 by means of their pass-through entity – deductions that might otherwise be limited or lost.   The Tax Cuts and Jobs Act of 2017 (TCJA) limited an individual’s deduction for state and local taxes (SALT) paid to $10,000 ($5,000 for …

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