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...]

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...]

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...]

Tax Filing Due Date Extension

The tax filing due date is extended from April 15 to July 15. Taxpayers can also defer income tax payments without penalties and interest. Even with this extension, if you are due a refund, file electronically as soon as possible. A full listing of tax-related calendar dates are available here: … [Read more...]