The #IRS announced extensions for 1031 exchange ID and closing deadlines, however, some ambiguity in conflicting sections of the tax code will require further clarification on the specifics. Either way, this welcome update gives some taxpayers currently working on a 1031 exchange a bit of welcome breathing room.
While we’ve been focusing on the aspects of the stimulus package targeting businesses, we also want to highlight some of the key programs in place for individual taxpayers and point out a few action items to take to ensure you’re capitalizing on these to the fullest.
It is becoming more and more common for businesses to accept Bitcoin (“BTC”) as payment, with AT&T recently announcing that customers can now pay their bill using Bitcoin. Read our blog for details on the tax implications Bitcoin can have.
The IRS has released rules detailing the taxation of hardforks and airdrops of cryptocurrencies, and they aren’t pretty. If you’ve used or invested in cryptocurrency, these changes could have significant tax consequences.
Have you received a notice about a $100 Biennial Fee for NYS? Wondering if it is legit? Send it over and let us help you determine whether it’s official before making any payments!
In 2018, the IRS announced a Virtual Currency Compliance campaign to start reining in non-compliance related to virtual currency transactions. By the end of August, over 10,000 taxpayers will have received a crypto letter. Have you received one?
It’s important to be aware of the implications of changes to the tax law, both on the federal and on the state and local levels. This article focuses on a change in SALT deductions in Connecticut for small business owners.
When is the right time to have your small business taxed as an S-Corp? We look at some the pros and cons to consider when weighing this change.
How has the 20% QBI Deduction changed since it’s release last year? This deduction was a fundamental change to the tax code brought on by the TCJA, and just over a year later (thanks to a recent IRS FAQ), we have some additional clarity on how it affects taxpayers (and who gets left out in the dust).
A technical glitch in the TCJA prevented taxpayers from taking bonus depreciation on Qualified Improvement Property. Now Congress is out to get this fixed.
