Photo illustration of a computer keyboard with a custom "Marketplace" button in place of the traditional "Enter" button.

Online MarketpIaces Sending IRS Form 1099-K for Sales of $600 or More in 2022

Online Marketplaces or "TPSOs" required by IRS to send sellers Form 1099-K for sales of $600 or more in 2022.   Article Summary   Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party online marketplace, such as Etsy, Facebook Marketplace, … [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...]

Lady Justice image for the Inflation Reduction Act of 2022

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 Freshly Minted Bitcoin is illustrated.

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...]

Illustrates a person using a smart phone based Cash App for digital payment processing.

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...]

Illustrates a taxpayer opening a Recovery Rebate Credit check from the US Treasury.

The Recovery Rebate Credit – Am I Eligible?

Taxpayers who did not receive the full amount to which they were entitled can claim it as a refundable credit when filing 2020 taxes in 2021   Article Summary -This article helps define what the Recovery Rebate Credit is, which taxpayers are eligible for the rebate and how to properly claim … [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 proposed capital gains tax plan

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...]

The R&D Tax Credit | Millan & Co. CPAs

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...]

An Infographic by Millan and Company CPAs illustrating the differences between an LLC versus a S-Corporation business entity structure for Realtors in Austin, TX.

Realtors in Austin and Real Estate Professionals: Which type of business entity is right for you?

  The Austin Real Estate Investment and Housing markets are benefiting from major forces that are providing unprecedented income opportunities for real estate professionals. From the wave of companies leaving the coasts for more business-friendly states, to the beginning of the ‘Great Reshuffling’ … [Read more...]