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Cryptocurrencies, including Bitcoin, Dogecoin, and other virtual currencies, have been in the news a lot lately. Whether you’ve heard that now is the time to buy or been warned about a crash, anyone who buys, earns, trades, or sells crypto needs to understand the tax consequences. Starting with 2020 tax returns, the IRS moved the […]
Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The good news is you don’t have to rely on your tax professional to access this information; you can access it directly yourself. Here’s the direct link: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp How do I get started? The “Where’s My […]
Currently the minimum salary for exempt employees under 25 employees is $58,240. The rate is based on the CA state minimum wage of $14/hour. It is set to increase to $15/hr. next year 1/1/23. However, due to the increase in inflation estimated to be over the 7% limit set by CA’s current minimum wage law, […]
We have all been impacted by the rising costs in 2022, and gas prices have been no exception. To help alleviate some of this burden for certain taxpayers, the IRS has announced an increase in three of the four standard mileage rates for the second half of 2022. This is an unusual step for the […]
Receiving a notice from the IRS is often a stressful and intimidating experience. What makes it even worse, however, is when a taxpayer cannot easily speak with an IRS representative to get it resolved or is unable to get a timely response to any correspondence sent to IRS to dispute the proposed changes or tax […]
General Definition If you have ownership in an S corporation, it is important to have a general understanding of basis. This number called “basis” increases and decreases with the activity of the company. The IRS defines it as the amount of a shareholder’s investment in the business for tax purposes. When the S corporation files a […]
The US government discourages its citizens from owning or investing in offshore financial assets by imposing strict reporting requirements on those who do. Not only are most investors required to file an annual report known as the FBAR with the Financial Crimes Enforcement Network, they are also required to file a report with the IRS […]
What is the FBAR, and why should you care about it? The FBAR is an annual report that certain people are required to file when they hold financial assets in overseas bank accounts. The form itself is simple, but because it’s not filed with your annual tax return, it can be easy to forget. We […]
Statutory and Non-StatutoryThere are two types of stock options, statutory stock options and non-statutory stock options. Statutory stock options are options that are granted under either an employee stock purchase plan or an incentive stock option plan. Non-statutory stock options are options that are otherwise granted.Taxation of Statutory Stock OptionsGenerally, an employee is not taxed […]
Form 7203 is a new form developed by IRS to replace the Shareholder’s Stock and Debt Basis worksheet that has previously been generated as part of returns for S corporation shareholders in most tax software programs. While this worksheet was not a required form and was provided for the shareholder’s internal tracking purposes, starting with […]
