Monthly Archives: January 2024

IRS Announces Simple Notice Initiative; Boy, Is It Needed

Posted on January 24, 2024 by Russ

Clients of ours received an IRS CP2000 alleging they owed additional tax. The clients called us, and we reviewed their return; it turns out that the items the IRS thought weren’t included on their return were included (so we believe … Continue reading →

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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300

Posted on January 16, 2024 by Russ

The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law. The IRS officially announced this in Announcement 2024-4. … Continue reading →

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Form 8300 and Cryptocurrency: Implementation Postponed

Posted on January 12, 2024 by Russ

The IRS sent emails to two tax professionals regarding Form 8300 and cryptocurrency: Treasury has postponed the effective day of 12/31/2023 for filing 8300 forms regarding digital asset transactions (Cryptocurrency). The updated [form] as well as guidance on electronic filing … Continue reading →

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Form 8300, Cryptocurrency, and Gambling: An Update

Posted on January 8, 2024 by Russ

Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements. Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading →

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It’s Time to Start Your 2024 Mileage Log

Posted on January 3, 2024 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Yesterday was the first business day of the new year for most. You may have resolved to … Continue reading →

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