According to the Pew Research Center, 16% of U.S. adults now say they have invested in, traded or otherwise used cryptocurrencies. “For years people almost thought of this as play money, and haven’t been so diligent about reporting it,” says Kelly Phillips Erb, a tax attorney and publisher of the site Taxgirl.com. “The IRS is […]
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Due to tax law changes, individuals and businesses face significant uncertainty. It’s important to manage any changes so that you are best positioned for success throughout the rest of 2022 and beyond. Here are some topics we picked for you: State tax footprint: If you have employees, your company’s state tax footprint is the sum
2022 Tax Topics by KB CPA Services P.A. Read More »
The federal estate and gift tax exemption is set to climb to $12.06 million per individual for deaths occurring in 2022, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. The gift tax annual exclusion amount will also rise starting 2022 to $16,000,up from $15,000 The IRS announced the new
Democrats have leaned into the wallets of the wealthy in their demand for cash to fund an outsized social spending agenda. The latest proposals could lead to higher taxes for working professionals and business owners who make good money but aren’t crazy rich – a stark contrast to his earlier focus on billionaires. After
Latest tax plan targets, the hunt for cash to fund social spending agenda! Read More »
The House of Representatives passed HR 5376, the Build Back Better Act, on Friday morning Nov 19, 2021, by 220-213 votes. The bill covers a wide range of budget and spending provisions and has been the focus of lengthy negotiations in recent weeks. The vote on the bill came after the Congressional Budget Office
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The Internal Revenue Service (IRS) recently said it is in the process of mailing 10,000 educational letters to taxpayers it suspects owe government taxes on virtual currency transactions. The federal agency may well have based its recipient list on customer data it acquired from crypto currency exchange Coin base. Those who do not report their
Tax treatment of Canadian investments in the US can be complex. It can even be difficult to find a tax advisor (U.S. Tax Compliance) who can offer full tax service for such investments. Failure to submit one or more of these forms can result in severe penalties. This article provides an overview of the most
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Employer Retention Credit (ERC): The employee retention credit (“ERC”) was introduced and enacted as part of the CARES Act to provide a refundable payroll credit for eligible employers, including nonprofit organizations, whose businesses have been negatively impacted by the pandemic. An employer qualifies for the ERC if it (1) fully or partially suspends its operations
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How long can the IRS collect back taxes? Generally, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debt. After that, the debt is erased from your books and canceled by the IRS. This is called the 10-year statute of limitations. It is not in the financial interest of the IRS to
The IRS 10 Year Statute of Limitation, things to know! Read More »
There have been big changes in the tax law. However, such changes need to be enacted by Congress to become law and therefore any provisions discussed could be revised or eliminated. The Country should be taking steps towards simplifying the tax law for the individual but also for corporations. It’s time for tax reform in