Towards the end of 2021 Bitcoin was in its last bull run of the year that would result in a record highs around $60,000. Since then Bitcoin and other cryptocurrencies have drastically fallen in value – around $16,000 at the end of 2022, and there is no sign of them appreciating anytime soon. The party […]
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably available through the gig economy which is proliferating through many digital platforms like Uber, […]
The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the […]
Like the Federal government, State governments also enforce collection of taxes. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! They are the Franchise Tax Board (“FTB”), California Department […]
Before you know it, April 18, 2023 (the deadline to file your 2022 Individual Income Tax Return) will be here. We get three extra days because April 15th is a legal holiday in Washington D.C. (Emancipation Day) and the next business day is Monday, April 18th. Here are some things you should know to be […]
Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably available through the gig economy which is proliferating through many digital platforms like Uber, Lyft, […]
On August 16, 2022 President Biden signed the 2022 Inflation Reduction Act which has some favorable tax changes you should be aware especially now that we are approaching the end of 2022. Major Changes From The New Law Include: A three-year extension of expanded Affordable Care Act health insurance subsidies, which were set to expire […]
On November 3, 2022 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2022. The IRS noted that a key achievement was the identification of over $31 billion in tax fraud and other financial crimes. In issuing this report IRS Commissioner Chuck […]
Did you miss the October 17, 2022 tax return filing deadline? Areas with a new filing deadline of February 15, 2023, include: Florida, Puerto Rico, North Carolina, South Carolina, Areas in Alaska identified under FEMA’s Major Disaster Declaration 4672 and Hinds County, Mississippi. The IRS announced on October 5, 2022 that Hurricane Ian victims throughout both North Carolina and […]
The California Franchise Tax Board (“FTB”) announced on October 6, 2022 special state tax relief for taxpayers and businesses affected by Hurricane Ian. Taxpayers and businesses in presidentially declared disaster areas are granted an extension to Feb. 15, 2023, to file California tax returns on 2021 income and make any tax payments that would have been due […]
Get a Tax Resolution Development Plan from us first before you attempt to deal with the IRS. There are several options for you to meet or connect with Board Certified Tax Attorney Jeffrey B. Kahn. Jeff will review your situation and go over your options and best strategy to resolve your tax problems. This is more than a mere consultation. You will get the strategy or plan to move forward to resolve your tax problems! Jeff’s office can set up a date and time that is convenient for you. By the end of your Tax Resolution Development Plan Session, if you desire to hire us to implement the strategy or plan, Jeff would quote you our fees and apply in full the session fee paid for the Tax Resolution Development Plan Session.
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