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...]
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...]
Avoid Credit Score Mistakes With Help From a CPA
Do you know what your credit score is? Do you know what other people see when they check your credit score? If you’re not sure, it’s probably a good idea to personally check your own score. Everyone is eligible to one free credit report each year from each of the three major credit reporting … [Read more...]
Retirement Income Payment Plans – Choose Wisely
If you are getting ready to retire, you may find yourself faced with the question of how you should receive income payments – in increments or all at once. Most people end up choosing steady payments, or "life annuity". Having that steady income can make for less stress than taking a big lump … [Read more...]
Donating to a Non-Profit Organization: How to avoid getting scammed
Considering donating to a non-profit organization? Don’t let fraudsters take advantage of your desire to help, through dirty tactics such as emotional appeals. Exercising a little caution will protect you against scammers who are trying to cheat you. Here are some guidelines to keep in mind when … [Read more...]