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Digital Asset Reporting and Tax Requirements
Greg reminds taxpayers that there’s a question at the top of Forms 1040 and 1040-SR that asks about digital asset transactions. All taxpayers filing these forms must check the box indicating either “yes” or “no.” If an individual disposed of any digital asset that was held as a capital asset through a sale, exchange or…
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Taxpayers can approve power of attorney or tax information authorization requests online
Taxpayers can quickly review, approve and sign power of attorney and tax information authorization requests through their IRS Online Account. Power of attorneyPower of attorney allows someone to represent a taxpayer in tax matters before the IRS. The representative must be an individual authorized to practice before the IRS, such as a tax professional. Certain…
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Treasury and IRS Continue to Release Guidance on IRA Laws
The Department of the Treasury and the IRS have been releasing guidance over the past few months on a range of provisions from the Inflation Reduction Act (IRA), with much more to come. The IRS notes that the IRA is a 10-year plan and that while changes won’t happen immediately, they are hoping to implement…
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TIGTA Report on the Employment Tax Examination Process
On Wednesday, the Treasury Inspector General for Tax Administration (TIGTA) released a report titled “Improvements to the Employment Tax Examination Process Are Needed to Increase Taxpayer Compliance and Collection Potential.” This report was conducted to assess the IRS’s controls over the selection and examination of employment tax cases, including relief from employment tax obligations. Based…
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Interest Rates
Revenue Ruling 2023-04 provides the second quarter interest rates for 2023, including the rates for underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning April 1, 2023, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and…
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Thank You Coca Cola
If anything at the office is going to break, it will break during tax season. When we first kick off the tax filing season, every piece of equipment in the office begins to be stressed more and more each day. It is during these times of increased activity that any weaknesses will surface. Our soda…
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Bad News for Louisianna Taxpayers
For 2022 and the future, we can no longer take a deduction on your state return for federal taxes paid. Louisiana’s mandated federal income tax deduction was repealed by the legislature in December 2021. You can no longer take a federal income tax deduction on your state tax return. This is certainly not welcome news…
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Our First Saturday of Tax Season
Where is everyone? Grabbing lunch while they can!
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Postage Rates Increase Again
We saw price increases on July 10, 2022, and Again January 22, 2023 We make every effort to hold our fees down. There are many costs involved in providing the services we offer. Facilities, equipment, software, manpower and then these third-party costs, like the United States Postal Service, are costs over which we have little…
