NO STEP UP BASIS PART TWO

No step up basis part two. The case in question involves a prior IRS Letter Ruling made regarding the step up basis of a Private Foundation, and then a subsequent Foundation relying on that ruling to make Tax Filins judgements that were then reversed in Tax Court. The IRS, under similar facts in IRS Letter […]

STEPS TO STOP TAX RETURN ERRORS

Steps to stop tax return errors. The IRS announced in bulletin IR-2022-62 that taxpayers should be aware of common mistakes that can delay issuing tax refunds. This filing season, the IRS is seeing signs of a number of common errors, including some taxpayers claiming incorrect amounts of the Recovery Rebate Credit and Child Tax Credit. […]

CAUTION IN FILING THE NEW 1099-K

Caution in filing the new 1099-K. The reporting threshold required by the IRS has been changed for those who have to file form 1099-K, which is used for third party settlement entities, which must issue a 1099-K. The National Taxpayer Advocate gave a warning to those who must file this form, while the (NTUF) National […]

UNITED STATES MOVING TOWARDS CRYPTO

United States moving towards crypto. President Joe Biden is expected to sign a order that will be a beginning of the regulation of the cryptocurrency asset class, and will be used to regulate how the digital currency is traded. It is also being done, coincidentally, due to the Ukraine invasion, and the economic sanctions on […]

IRS OVERVIEW OF AMERICAN RESCUE PLAN

IRS overview of american rescue plan. The Internal Revenue Service has provided key aspects of tax provisions in the American Rescue Plan, and is urging taxpayers with children to file returns quickly for payments of the Child Tax Credit. Several provisions impact the 2020 tax return people are filing out this tax season, including one […]

CLAIMING A CASUALTY LOSS AFTER HURRICANE

Claiming a casualty loss after hurricane. Hurricane Dorian was one of the most powerful hurricane’s to ever make landfall in the United States. A category 5 storm has been called the strongest storm with maximum sustained winds of over 185 miles per hour, according to the National Hurricane Center. Although gradual weakening i, Dorian unleashed […]

IRS HIGHLIGHTS CREDITS AND DEDUCTIONS

IRS highlights credits and deductions. During small business week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week and the IRS have recognized the importance of small businesses to the overall economic growth of the U.S. […]