IRS PROVIDES GUIDANCE FOR PUERTO RICO

IRS provides guidance for Puerto Rico. In IRS bulletin IR-2022-105, the Internal Revenue Service provided guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive under the American Rescue Plan Act. “It’s important for residents of Puerto Rico to know that […]

RENTAL HOME EXPENSES AND DEDUCTIONS

Rental home expenses and deductions. The rules for Taxes when it comes to rental homes get a bit tricky and it breaks down into whether its a short term or long term rental, and if other services are included in the rental package. You are considered to have used the unit as a housing unit […]

VIRTUAL CURRENCY AND YOUR TAX RETURNS

Virtual currency and your tax returns. When Covid hit and government spending went up, new sources of revenue were looked at by officials in government, to stem the deficit tide, and when the returns on Cryptocurrency went thru the roof, it drew attention to itself. Sen. Elizabeth Warren, and others started discussing regulating and then […]

TREASURY WARNS OF DIFFICULT TAX FILING YEAR

Treasury warns of difficult tax filing year. Treasury Department officials warned last month that this year’s tax season will be a challenge with the IRS starting to process returns on January 24th. That’s largely due to the IRS sizable backlog of returns from 2021. As of December 31, the agency had 6 million unprocessed returns–a […]

ADVOCATING IN WAKE OF WAYFAIR DECISION

Advocating in wake of Wayfair decision. The Association of International Certified Public Accountants addressed two separate tax issues at important forums, advocating for small businesses in the wake of the Wayfair decision and discussing the taxation of virtual currency in separate events. Jamie Yesnowitz, J.D. chair of the AICPA State and Local Taxes Technical Resource […]

TAXPAYER CERTAINTY AND TAX RELIEF ACT

Taxpayer certainty and tax relief act. As the name implies this act is designed to give solid footing to those who are hard hit by a natural disaster and provide them with some tax relief. Over the last 31 years, we have served countless individuals and business owners who have been the victim of a […]

TAX PROBLEMS LENDING TO FAMILY

Tax problems lending to family. Many people are happy to lend money to their loved ones, especially to children and grandchildren. But before stroking the check, review the tax rules. The tax consequences vary greatly depending on the terms of the loan. A small change in the terms of the loan can men big differences […]

AUTOMOBILE FLEET REGULATIONS

Automobile fleet regulations. Notice 2019-08, is the notice under Section 1.61-21(d) that shows the proposed IRS regulations updating the fleet average and vehicle cents per mile valuation, which are described in detail. To align the limitations on the maximum vehicle fair market values for use of these special valuation rules with recent statutory changes made […]

IRS RESPONDS TO ALTERA COURT RULING

IRS responds to Altera Court Ruling. In our on going coverage of cases that relate to Tax Court issues, we want to highlight a case that has to do with cost sharing provisions and an about face by the IRS. When the IRS gives direction on a ax issue, and then a court ruling, or […]

FEDS TAKE SINGLE MOM’S TAX REFUND

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Feds take single mom’s tax refund. As she scanned the letters’ black type, Alexis Patterson felt herself go numb. “The U.S. Department of Treasury–applied all or part of your payment to delinquent debt that you owe,” it read. Patterson stopped reading. One thing mattered now. The single mother would not receive her $3,063 tax refund, […]