Uncategorized Tax preparers are balking at crypto currency challenges 20 Sep 2022 The main Crypto Currency challenge for tax preparers is that clients do not provide appropriate sales reports for all of their transactions across all crypto currency platforms and exchanges. Tax…
Uncategorized Student Loan Forgiveness = State Income 31 Aug 2022 According to the Tax Foundation, as quoted by Forbes Magazine, 13 states could treat President Biden’s student loan forgiveness initiative as taxable income to borrowers. The states are Arkansas, Hawaii,…
Uncategorized Newlywed? 2 Aug 2022 Name and address changes: Individuals who change their name after marriage should report their name change to the Social Security Administration (SSA) as soon as possible. The name on an individual’s…
Uncategorized 2022 Change to Standard Mileage Rates 22 Jun 2022 Your corporation is allowed to reimburse you for your business mileage throughout the year if you provide the company with evidence. Unlike partnerships and sole proprietors, a corporate entity must make a reimbursement payment…
Uncategorized How to Accurately Report the amount of Economic Stimulus Payment received 18 Feb 202216 Feb 2022 A Taxpayer is responsible for accurately reporting the amount of Economic Stimulus Payment received during the tax year. The primary sources for this information are confirmation letters from the IRS…
Uncategorized Elon Musk’s Schedule A and the “Biggest Tax Bill in History” 16 Feb 2022 Schedule A is used to Itemize Deductions, such as major medical expenses, taxes paid, mortgage interest and charitable donations. ------------------------------------------------------- (Excerpt from Yahoo Finance) The world’s richest man donated more…
Uncategorized The National Taxpayer Advocate’s annual report to Congress highlights these continuing IRS problems 18 Jan 202213 Jan 2022 Extraordinary processing and refund delays for tens of millions of taxpayersRecruitment, hiring, and training issues negatively affect all aspects of the agency's operations.Telephone and in-person service has declined considerably during…
Uncategorized New and Unusual Sales Tax Holidays 14 Jan 202213 Jan 2022 (This content from www.avalara.com.) Approximately 17 states typically offer one or more salestax holidays each year. Sales tax holidays allow consumersto purchase certain products, exempt from sales tax fora specific…
Uncategorized Additional documentation needed for your 2021 tax return preparation in 2022. 7 Jan 20225 Jan 2022 Be on the lookout for these mailings from the IRS to your household: IRS letter 6419, to households with dependent children, regarding the Advance Child Tax Credit monthly payments made…
Kenneth Athon Tax Strategies 