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How to report digital asset income

If a digital asset transaction results in taxable gain or loss, you must report all income from your digital asset transactions. Follow these steps: Keep records If you had digital asset transactions, keep records that document: The Internal Revenue Code and regulations require taxpayers to maintain sufficient records to establish the positions taken on federal […]

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IRS: Home improvements could help taxpayers qualify for home energy credits

IR-2024-137, May 9, 2024 Energy Efficient Home Improvement Credit Taxpayers that make qualified energy-efficient improvements to their home after Jan. 1, 2023, may qualify for a tax credit up to $3,200. As part of the Inflation Reduction Act, beginning Jan. 1, 2023, the credit equals 30% of certain qualified expenses: The maximum credit that can […]

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Dirty Dozen: High-income filers vulnerable to illegal tax schemes; face risk from improper art donation deductions, charitable remainder annuity trusts, monetized installment sales

IR-2024-104, April 10, 2024 WASHINGTON — As part of the Dirty Dozen campaign, the Internal Revenue Service warned wealthy individuals about three tax traps designed for them by dishonest promoters and shady tax practitioners. For those with high incomes, they can be tempting targets for a variety of schemes and aggressive tax strategies designed to reduce […]

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IRS offers several payment options, including help for those strugglingto pay

     Source; IRS FS-2024-16 Taxpayers have a variety of options to consider when paying federal taxes. Electronic payment options are the best way to make a tax payment. For taxpayers who cannot pay in full, the IRS encourages them to pay what they can and explore a variety of payment options available for the remaining balance, including […]

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IRS Dirty Dozen 2024

Emphasis: By Zaher Fallahi, Tax Attorney, CPA Source: Source:  IR-2024-105, April 11, 2024 The Dirty Dozen represents the worst of the worst tax scams. Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or […]

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FinCEN Director Gacki Encourages Transparency in the U.S. Financial System During International Anti-Money Laundering Conference

Immediate Release March 20, 2024 MIAMI—Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki joined public and private sector financial industry leaders this week at the Financial and International Business Association’s (FIBA) annual anti-money laundering conference to discuss regulatory expectations and best practices to prevent financial crimes. Director Gacki participated in a fireside chat during which […]

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Reminders When Filing Form 1042-S

Source: IRS, Issue Number:  2024-06 With filing season underway, below are some reminders to help withholding agents avoid common errors that may result in underwithholding and incorrect reporting. CODESUse only income, status, exemption, and limitation of benefits codes specifically listed in Instructions for Form 1042-S for the tax year in which you are reporting. The appropriate two-digit […]

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IRS: Take care when choosing a tax return professional

Source: IRS Issue Number:    IR-2024-31 WASHINGTON –The Internal Revenue Service today reminded taxpayers that carefully choosing a tax professional to prepare a tax return is vital to ensuring that their personal and financial information is safe and secure and treated with care. Most tax return preparers provide honest, high-quality service. But some may cause harm […]

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Taxpayers should continue to report all cryptocurrency, digital asset income

Source: IRS IR-2024-18 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns. The question appears at the top of Forms 1040, Individual […]

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U.S. Beneficial Ownership Information Registry Now Accepting Reports

Immediate Release January 01, 2024 Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or Registration WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, […]