With the 2023 tax regulations coming into play which will require crypto transactions over $10,000 to be reported, consumers still need to report the sales and acquisitions of their 2021 crypto invest...
Tag: IRS
Tax Audit By The IRS: Tips For Avoiding One
A tax audit can be painful, scary and costly. Naturally, you should make every legit effort to avoid one. So here are tips from leading financial advisors about how to do just that. X The risk-reward ...
Warren Tells IRS to Focus Audits on the Rich, Not Low-Income Taxpayers
Lawmakers are calling on the IRS to stop disproportionately auditing low-income taxpayers, who they say are far more likely than other taxpayers to face IRS scrutiny, with audit rates for poorer filer...
You Made $700 From an Online Side Hustle. Now the IRS Will Know.
Now that your 2021 taxes are done—or at least under way—it’s time to focus on a key tax change for 2022 affecting millions of Americans making money through platforms like eBay , Etsy , Airbnb , Venmo...
3 Crypto Tax Tips to Avoid IRS Trouble
There are many different ways to earn crypto, including mining, airdrops, staking your coins or through earning interest. When you earn crypto in this way, you have ordinary income to report. The amou...
IRS May Close This RMD Loophole
403(b) RMDs Most Americans have at least heard of a 401(k) plan, but there is another tax-advantaged workplace retirement plan out there – the 403(b). A 403(b) operates similarly to a 401(k), bu...
Can the IRS Track Bitcoin? Koinly Explains – Coinotizia
sponsored The IRS might not be the best at keeping ahead of the crypto curve, but if you think you can hide your Bitcoin gains – think again. Crypto tax calculator Koinly is here to explain just how t...
Can the IRS Track Bitcoin? Koinly Explains – Sponsored Bitcoin News
sponsored The IRS might not be the best at keeping ahead of the crypto curve, but if you think you can hide your Bitcoin gains – think again. Crypto tax calculator Koinly is here to explain just how t...
If You Hold Crypto For Someone Else, Can IRS Collect Taxes From You?
MORGANTOWN, WV – 31 DECEMBER 2017: Ethereum or ether coin lying on top of similar golden coins to … [+] illustrate cybercurrencies getty It’s tax time, and crypto gains can be painfu...
Nice Surprise: The IRS May Want to Give You Money This Year
If you paid for daycare, health insurance, or your kid’s college tuition in 2021, you may be eligible for a fat credit on your 2021 taxes—even if you haven’t qualified in past years. A number of credi...
Will Smith Oscars Slap Could Have Tax Impact Too
The Oscars may be over, but the repercussions of the slap may not be over for quite some time. Will the Academy take disciplinary action against Will Smith? Will Chris Rock change his mind and press c...
Biden Administration’s 2023 Tax Policy Includes Many Key Changes For Crypto Traders And Investors
President Joe Biden speaks about the March jobs report in the State Dining Room of the White House, Friday, April 1, 2022, in Washington. (AP Photo/Patrick Semansky) ASSOCIATED PRESS What Happened On ...
The US IRS believes adding BTC, ETH and other cryptos to help monitor offshore accounts –
Bitcoin and Ethereum ought to be added to the Internal Revenue Service’s (IRS) rules Another proposition distributed by the U.S. Depository proposes that digital currencies be used more often Offshore...
Treasury wants more reporting to the IRS on offshore crypto accounts
advertisement The US Treasury is working to get the IRS more information on offshore cryptocurrency holdings. On March 28, the US Treasury released its “Green Book,” its annual breakdown o...
Crypto donation startup launches IRS form as US tax season looms
Engiven, an enterprise cryptocurrency donation platform, is working to simplify tax reporting for cryptocurrency donors and nonprofits by launching a tax form and appraisal service for crypto donation...
Oscar Nominees Pay Tax On $140,000 ‘Gifts’—IRS Form 1099 Says No Gift
Everyone likes free stuff, no matter who they are, and the Academy Awards every year hands out pricey gifts. Maybe things are more austere this year, since a gift bag for top nominees in the past has ...
Worried About Getting Audited? Here Are Red Flags for the IRS.
Even though the Internal Revenue Service is auditing fewer taxpayers these days, you still don’t want to put a target on your back. Among those more likely to get audited: Small-business owners with l...
What’s at Stake as Josh Jarrett Sues the IRS
While the IRS has failed to act on staking rewards, the world has continued to move to blockchain and blockchain has started to shift to proof-of-stake. Staking is already a multibillion-dollar indust...
What Is an IRS Tax Transcript and How Do I Request One?
Do you need information from a tax return you filed three years ago because you’re making a major purchase and the lender wants to see your tax history? Maybe you need to provide your adjusted g...
Don’t Let The IRS Catch You With The Forgotten De Minimis Rule
Buried deep within the Internal Revenue Code lurks the almost forgotten De Minimis Rule (Photo By … [+] Bill Clark/CQ Roll Call) CQ-Roll Call, Inc via Getty Images Woe be to the municipal bond i...
Meet Erin Collins, National Taxpayer Advocate for the IRS
Erin M. Collins Source: Erin M. Collins If you’re one of the millions of Americans grappling with IRS issues, you may not realize there’s another option for your unresolved problems. The T...
The IRS sent more than 45 million refunds. This is the average payment
Bill Oxford | E+ | Getty Images The IRS has issued more than 45 million tax refunds worth almost $152 billion in total, as of March 11, the agency reported Friday. Nearly half of Americans expect refu...
Bipartisan lawmakers push for IRS answers on problems facing taxpayers
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images A group of bipartisan lawmakers is pressing the IRS for answers on lingering is...
IRS discusses crypto tax rates for US merchants
TL;DR Breakdown • Tax office claims that cryptos are virtual currencies affected by the inspection rules.• IRS will charge from 0 to 37 percent in taxes for crypto operations. Recently the internal re...
How To Claim Bad Debt Losses On Your Taxes
Money tree loses leaves getty Let’s say that, a few years ago, I individually made a sizable loan to a friend. Since there is no chance I will be repaid, can I report a tax deduction for the amount I ...
Cointelli Makes It Easy to Report Coinbase, Binance, and Kraken Transactions to the IRS – Sponsored Bitcoin News
sponsored Many crypto exchanges send tax forms to the IRS, each with their own list of supported tokens and info that doesn’t necessarily match up. This can create a lot of confusion for U.S. taxpayer...
Crypto Couple’s Victory Against The IRS Comes At The Cost Of Regulatory Clarity
Internal Revenue Service federal building Washington DC USA getty What Happened In May 2021, a Tennessee couple, Joshua Jarrett & Jessica Jarrett (Jarretts), filed a complaint with the IRS arguing...
The IRS has sent nearly 30 million refunds. Here’s the average payment
Cabania | iStock | Getty Images Plus Despite ongoing challenges, the IRS has sent nearly 30 million tax refunds, worth about $103.2 billion, the agency reported Friday. While 29% of Americans worry ab...
Crypto Tax Prep Business Booms as Trading Surges and IRS Tightens Screws
However, some incumbents are building rather than buying: “At Jackson Hewitt, we train our tax pros on tax preparation using our internally sourced training materials (which includes what cryptocurren...
How The IRS Is Looking For Its Share Of Cryptocurrency And NFT Growth
Let’s be honest. Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surroundi...
Ponzi scheme behind patriotic vodka, once featured on ‘Fox & Friends,’ scammed investors out of $900,000 to pay IRS and Amex bills, prosecutors say
A Connecticut businessman has pleaded guilty to operating an unpatriotic Ponzi scheme that pocketed $900,000 from investors looking to buy a pro-veteran vodka company. Brian Hughes, 57, of Madison, Co...