Summary: Draft instructions for Schedules K-2 and K-3 recently released In December of 2022, the IRS released new draft Schedules K-2 and K-3 with instructions for Forms 1065, 1120-S and 8865. Once finalized by the Office of Budget Management (OMB), the revision will become applicable for a … [Read more...]
Update: IRS Postpones Implementation of $600 Form 1099-K Reporting Threshold until 1/1/24
Online Marketplaces or "TPSOs" required by IRS to send sellers Form 1099-K for sales of $600 or more in 2022. Article Summary Update: The new IRS notice creates a transition period of one year, postponing the $600 Form 1099-K threshold until the January 31, 2024 reporting date. In essence, … [Read more...]
Section 179D Energy Efficient Tax Credits Increased Under The Inflation Reduction Act of 2022
Synopsys: IRC Section 179D Energy Efficient Tax Credit Expansions Section 179D Updates The Inflation Reduction Act of 2022 substantially increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, which will benefit the architecture, engineering, … [Read more...]
Inflation Reduction Act of 2022: Tax Implications for Real Estate Investment Trusts (REIT), EV Incentives and 1031 Exchanges
Inflation Reduction Act of 2022: An Overview Article Summary Aim of the Inflation Reduction Act (IRA) Carried interest treatment Changes to Section 179D Incentives and Qualifications Increases to the R&D Tax Credit 15% minimum tax on large corporations (AMT) 1% excise tax on stock … [Read more...]
A Guide To Cryptocurrency Taxes
Cryptocurrency Tax Consulting | Millan & Co. P.C. | Certified Public Accountants Cryptocurrency Tax Guide Summary Cryptocurrency Taxes 101 Taxable and non-taxable crypto events Calculating cryptocurrency tax Accounting methods for cryptocurrency Capital Gains and Cost Basis FIFO, LIFO … [Read more...]
PayPal, Venmo And Most Payment Apps To Report Payments of $600 Or More To IRS In 2022
Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022. Article Summary Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]
Section 179 Tax Credit Calculator (and Deadline)
The Section 179 Credit can save SMBs a lot of money on equipment costs (the deduction is up to a robust $1,050,000). Passenger vehicles exceeding 6,000+ pounds GVW (gross vehicle weight) will usually qualify, but they are typically limited to a $25,000 deduction. Article Summary Section … [Read more...]
Are Your Business Meals And Entertainment Expenses 100% Deductible?
Article Summary This article attempts to help provide clarification for taxpayers in avoiding conflicts with the IRS with respect to business meals. On January 1,2018, The Tax Cuts and Jobs Act (TCJA) invalidated the general deduction of business entertainment expenses. Nonetheless, as stated by … [Read more...]
Biden’s Capital Gains Plan: Proposed Changes May Affect Your Current and Planned Investments
Biden's Proposed Tax Plan Includes Significant Capital Gains Changes The Biden administration has recently released its proposed budget (aka "Green Book") for the 2022 fiscal year. The U.S. Treasury indicates the $6 trillion budget aims to improve infrastructure, clean energy, research & … [Read more...]
Gaining Clarity: The R&D Tax Credit – Eligibility & Misconceptions
Topics What Is The R&D Tax Credit? Eligibility Benefits Misconceptions R&D Tax Credit Eligibility: The Four-Part Test Required Documentation Changes to the R&D tax credit in 2022 What is the R&D Tax Credit? The R&D tax credit is available to companies developing improved or … [Read more...]