Massive New FinCEN Filing Requirement Is Coming!
Massive New FinCEN(Via CTA) Filing Requirement Is Coming!
Category:
Tax Preparation
Tax Return Backlog Is Still Crushing The IRS
National Taxpayer Advocate Erin M. Collins after reviewing the IRS backlogs, released her statutorily mandated mid-year report to Congress. The report expresses concern about continuing delays in the processing of paper-filed tax returns and the consequent impact on taxpayer refunds. At the end of May, the agency had a backlog of 21.3 million unprocessed paper …
How Can I Avoid The Net Investment Income Tax(NIIT)?
The federal income tax tables do not give you your “true” tax rates because it doesn’t include the net investment income tax (NIIT). It’s a hefty 3.8 percent on top of what you pay according to the table rates. If you own rental property, you’re one of NIIT’s prime targets. You pay the NIIT …
How Can I Avoid The Net Investment Income Tax(NIIT)? Read More »
Is Your Gig Activity a Business (Good Gig) or a Hobby (Bad Gig)?
Do you have a Gig activity that you think of as a business? From this Gig activity, are you claiming tax losses on your Form 1040? Will the IRS consider your Gig activity a business and allow your loss deductions? The business loss deduction: offsets taxable income from other sources; reduces your federal income …
Is Your Gig Activity a Business (Good Gig) or a Hobby (Bad Gig)? Read More »
TaxMedics Year-End TaxQuips
This year-end is coming to a close remarkably fast. It seems it was just January one blink ago – and now, it’s nearly over. This year has been filled with lots of small and major successes for my students, family, and friends. Tinged with a great deal of sadness, illness, and death. The Yin/Yang …
Letter 6419 – Advance Child Tax Credit Payments
The IRS will be sending out two letters to taxpayers in January: Letter 6419 – Advance Child Tax Credit Payments Letter 6475 – Economic Impact (stimulus) Payment Letter 6419 – Advance Child Tax Credit Payments When you file your 2021 tax return during the 2022 tax filing season, you will need to compare: …
Are IRS Private Letter Rulings Worth It?
Ever wonder what a private letter ruling (PLR) is? Do you have a question about how to apply the tax law to a prospective deal? Wouldn’t it be great if you could get the IRS to give you an answer in advance of submitting your tax return? You might have the ability to do so …
Unemployment Refunds Alert: Beware of IRS Shortcut!
Long after millions of taxpayers filed their tax returns (American Rescue Act in March 2021), Congress decided to help out shocked taxpayers who learned that the unemployment benefits they received during this pandemic are taxable. Congress decreed that the first $10,200 of all unemployment benefits would not be taxable. The IRS said they would issue …
Unemployment Refunds Alert: Beware of IRS Shortcut! Read More »
Amended Return: 1 Way to Fix Tax Return Mistakes Before the IRS Finds Them
If you made an error on your tax return, don’t worry—there are two easy ways to fix it: A superseding return A qualified amended return Superseding Return A superseding return is an amended or corrected return filed on or before the original or extended due date. The IRS considers the changes on a superseding return …
Amended Return: 1 Way to Fix Tax Return Mistakes Before the IRS Finds Them Read More »
Cryptocurrency, IRS is Focused On It, Are You?
Cryptocurrency has gone mainstream. For example, you can use bitcoin to buy far more than you would think. To see, try googling “What can I buy with bitcoin?” You will get more than 350,000 hits. But using cryptocurrencies has federal income tax implications that may surprise you. With the price of bitcoin having gone through …