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Category Archives: IRS
IRS Announces Simple Notice Initiative; Boy, Is It Needed
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
Posted in IRS
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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300
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
Posted in Cryptocurrencies, FINCEN, Gambling, Information Returns, IRS
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Form 8300, Cryptocurrency, and Gambling: An Update
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
Posted in FINCEN, Gambling, Information Returns, IRS
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It’s Time to Start Your 2024 Mileage Log
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
The 2023 Tax Offender of the Year
So many try every year for my award–The Tax Offender of the Year. It’s not really something to be proud of; after all, to win this award you need to commit really big tax fraud or a series of Bozo-like … Continue reading
Posted in International, IRS, Tax Fraud
Tagged TaxOffenderOfTheYear
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An IRS Identity Protection Unit Saga: Part 5
When I last updated this saga (on September 22nd), I hadn’t heard a thing from the IRS or my request for the Taxpayer Advocate Office to take a look at the missing refund for my client (call him John Smith). … Continue reading
Posted in IRS
Tagged Identity.Protection.Unit, Taxpayer.Advocate.Service
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IRS Announces 2024 Standard Mileage Rates
This morning, the IRS announced the 2024 standard mileage rates for automobile usage. Those rates will be: 67ȼ per mile for business use, up from 65.5ȼ per mile in 2023; 21ȼ per mile for medical purposes, down from 22ȼ per … Continue reading
IRS Announces One-Year Delay in $600 1099-K Requirement
The IRS announced today a one-year delay in the $600 1099-K threshold. Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year. While the IRS phrased the announcement as resulting from … Continue reading
The Almost-End of the 2023 Tax Season
It’s been a while since I posted: family issues, tax deadlines, and paper in every direction has made me concentrate on serving my clients, and not the blog. I’ll have a recap of the 2023 Tax Season soon, but today … Continue reading
Posted in California, Florida, IRS, Maine, Massachusetts, South Carolina
Tagged 2023.Tax.Season
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Maine & Massachusetts Conform to IRS Hurricane Extension
In the US we have a dual system of taxation: federal and state taxes. Of course, you can be a resident of a state without state income tax like me and not have to deal with state income taxes, but … Continue reading
Posted in IRS, Maine, Massachusetts
Tagged Hurricane.Lee
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