So you’ve found out you likely owe taxes on your cryptocurrency from our last cryptocurrency article release, what now? Your next step should be to compile all documents you have related to cryptocurrency transactions to best estimate how much … Continue reading
As cryptocurrency continues to become a more and more commonly used thing, there are a lot of potential tax implications you should know about before jumping on board. U.S. taxpayers are required to report crypto sales, conversions, payments, and … Continue reading
By now, most of us have heard about how large the IRS backlog is. The IRS is under such pressure and scrutiny from all parties that it created a “surge team” of reinforcements about two weeks ago. The … Continue reading
A mere thirty days after mobile sports betting became legal in New York, $2 billion in wagers were placed and $70 million in tax revenue was generated. State officials along with the governor are stunned by the unprecedented … Continue reading
Fred Asante, a Virginia native was caught in New York and has pleaded guilty to a money laundering charge that involved the theft of millions of dollars. Asante was a member of a Ghana-based criminal enterprise, that netted over … Continue reading
Recently, there has been a lot of confusion surrounding the Child Tax Credit. The majority of the issues come from the Biden Administration’s inability to pass their Build Back Better Plan. Due to this, the enhanced Child … Continue reading
The IRS introduced new partnership Schedules K-2 and K-3 for this tax year, and more recently issued additional guidance relating to them. The guidance is specific to the reporting of international tax related items on their returns. While … Continue reading
Recently, there has been much controversy surrounding the Employee Retention Credit, more specifically, when the credits will be received and when that income will be taxed, among other issues. Although there was plenty of backlash from … Continue reading
The IRS has already halted the sending of some correspondence to taxpayers due to the status of its enormous backlog this tax season. While the backlog issue is slowly being worked through, the IRS is making additional moves to … Continue reading
The Super Bowl’s return to the Los Angeles area after a nearly 30-year absence is providing a much-needed boost to small businesses hard hit by the pandemic. The Super Bowl can inject millions of dollars into a local economy, … Continue reading