As we begin 2024, it’s crucial to start assembling all the essential information required for accurate filing of W-2 and 1099 information forms. The IRS mandates that any entity — be it a corporation, partnership, individual, estate, or trust — involved in a trade or business and engaged in reportable…
With EVs representing just 8% market share of all domestic counterparts; sales and a significantly higher 5-year cost of ownership as compared to their gas-powered counterparts, it is no wonder why days on the market are double to triple comparable gas-powered models. Beginning in 2024, the IRS has a tool…
Sellers of new and used vehicles that qualify for a clean vehicle tax credit will be required to report information to the IRS on all qualifying vehicles sold. The IRS will use this information to validate tax credits claimed by buyers of vehicles. The first reports are required to be…
The IRS recently announced that it would resume sending tax notices that were previously halted due to COVID-related processing backlogs. In addition to resuming the halted notices, the IRS has begun to send out 2022 balance due notices. Additionally, the IRS sends notices for the following reasons: To notify you of…
One of the special tax provisions that applies to qualified farmers is relief from the estimated tax requirements. Agriculture Producers may be familiar with the IRS rule stating that qualifying farmers who make two-thirds of their gross income from farming can wait to make their annual income tax payment until…
When it is time to make a tax payment, who would you trust more to get the payment to your account: the United States Postal Services (USPS) or the Internal Revenue Service (IRS)? If you’re like me, my response would be is there a third option? In the past two…
Imagine a scenario where the lottery jackpot is over 1 billion dollars and your goal is to win. Lucky for you, you can borrow the DeLorean for the weekend and travel into the future to get the winning numbers and win the big prize. Too bad Uncle Sam does not…
On August 24, 2022, the IRS announced that it will waive and refund late filing (Failure to File) penalties for taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief applies to 2019 and 2020 individual, corporate, and partnership returns. Note that the relief does not apply…
How do I determine whether a worker is an employee or an independent contractor? The easiest way to answer this question is, do I have control over that individual? If the answer is yes, then they should most likely be considered an employee. If the answer is no, then they…
Investing in cryptocurrency is becoming increasingly mainstream and will likely become a permanent part of the U.S. financial ecosystem. There are currently over 8,600 forms of cryptocurrency, with Bitcoin being by far the most popular, commanding over 68% of the market share. Major retailers such as Microsoft, Home Depot, and…
