The trading of cryptocurrency is becoming more and more of a common practice in today’s world. Cryptocurrencies like Bitcoin, Ethereum, XRP, and many more are becoming household names. The IRS is aware of the increased popularity and in the past several years has brought it to the forefront of their attention to ensure taxpayers are… Read More »
Historically, businesses were able to deduct 50% of the cost of business meals and beverages so long as the business owner and/or an employee were present at the meal. Meals and beverages are deductible in the case of business travel (i.e.: an owner/employee are out of town away from home overnight for business purposes) or… Read More »
Creating an IRS.gov online account is more important than ever. With passage of Covid related legislation and increased assistance from the federal government, tax time is going to get even trickier than normal. Stimulus money such as the Economic Impact payments, as well as the new Child Tax Credit advances must be reconciled on your… Read More »
Before you begin: You will need to have the following information to set up a new IRS.gov taxpayer portal. Before you begin, make sure you have and know the following information: A valid email address Your social security (SSN) or Individual Tax Identification Number (ITIN) Tax filing status and mailing address A valid drivers license… Read More »
The Legislation passed March 11, 2021 has expanded the amount of Child Tax Credit (CTC) available to taxpayers. Here is a short synopsis of these changes. The new law changes the “qualifying child” age to one who has not turned 18 as of 12/31/21, or 17 and under. This age requirement is only for 2021… Read More »
Starting July 2nd, our office will begin our summer hours. We will be open 8am-5pm Monday through Thursday and will be CLOSED on Fridays through September 3rd. We look forward to continuing to serve your needs throughout these summer months while also giving our staff the opportunity to spend more time with their friends and… Read More »
The cryptocurrency market sure has been volatile and exciting over the past several months. The dramatic increase in values, plus the ease of trading cryptocurrencies on well-established cryptocurrency exchanges have drawn many new investors to take a chance and dip their toes into the cryptocurrency markets. The IRS has noticed this too and is looking… Read More »
Tax return filing deadline You may have heard already, but if not, the IRS pushed back the filing deadline for individual tax returns to May 17, 2021. Thus, you have an extra month to file and pay any tax owed with your personal 2020 tax return. There is nothing you must do to request the… Read More »
The Consolidated Appropriations Act signed by President Trump on December 27, 2020, had various COVID-19 relief provisions for small businesses. One of the more significant provisions was the eligibility revisions for the Employee Retention Credit. The Act made it possible for many small businesses to be able to take advantage of this refundable tax credit… Read More »
Congress passed and President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA). COVIDTRA includes updates on rules concerning the original PPP loans allowed under the CARES Act as well as allocating $284 billion to additional PPP loan funding for both first and potentially second-time borrowers. Expenses paid with PPP loan proceeds ARE tax-deductible… Read More »