2023 IRS Cryptocurrency Reporting Requirements
The IRS has made cryptocurrency one of its enforcement priorities. The IRS has created a new program for this endeavor referred to as “Operation Hidden Treasure.” The program will use…
401k vs 403b retirement plan. Pros and cons in the notebook.
401(k) 403(b), SARSEP and Simple Plans
The total of all salary deferrals a participant makes to various retirement plans – including 401(k), 403(b), SARSEP, and SIMPLE IRA plans – is limited to $19,500 (plus an additional…
IRS Processing and Refund Delays
he following information is presented in order to illustrate the lack of responsiveness by the IRS in processing refunds, addressing correspondence, and even processing tax returns. The data relayed to…
Book with title Report of Foreign Bank and Financial Accounts (FBAR)
Foreign Bank and Financial Accounts
This is another reminder of how important it is to report and file a Report of Foreign Bank and Financial Accounts (FBAR). Every U.S. person with a financial interest in,…
Tax forms
IRS struggles to fill jobs, deal with backlog through difficult tax season
THIS ARTICLE appeared in Accounting Today that is titled “IRS struggles to fill jobs, deal with backlog through difficult tax season.” The article provides details illustrating the serious backlog of work from…
PPP Second Draw
Changes to Paycheck Protection Program Second Draw At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the COVID-19…
Great News Regarding PPP Loan Forgiveness!
The CARES Act provides that a recipient of a PPP loan may use the loan proceeds to pay payroll costs, certain employee benefits relating to healthcare, interest on mortgage obligations,…
Loan Forgiveness for the Paycheck Protection Program
The IRS recently released two documents related to PPP loan forgiveness.Revenue Ruling 2020-27: This addresses the deductibility of covered expenses when the loan is expected to be forgiven. Situation 1-During…
How to Change Your Address with IRS
Caution: This explanation is general in nature and should not be used for specific planning. Contact a tax professional for your specific planning needs. Change of Address A taxpayer’s last…
Expense Deduction Denial for Recipients of Paycheck Protection Program Loans
On May 31, 2020, the IRS issued Notice 2020-32, below, which denies an expense deduction for those recipients of Paycheck Protection Program loans which are forgiven for otherwise deductible expenses.…