irs – Page 2 – Kenneth Athon Tax Strategies

Taxation of Gaming

28 Jun 202326 Jun 2023

The taxation of gaming is in the news again, as states prepare to tax betting platforms and as states without traditional income tax start to think about taxing gambling winnings…

Common beneficiary mistakes as identified by Ed Slott

I've been reviewing some advice from retirement expert Ed Slott, who likes to zero in on common mistakes. Here's my take: Common beneficiary mistakes when it comes to leaving retirement…

What to keep and how long

29 Apr 202329 Apr 2023

The main record to keep is your Form 1040, along with attached schedules and forms, because it shows that you fulfilled your tax-filing obligation and it can be handy for…

Presidential Tax Returns

President Joe Biden and his wife, First Lady Jill Biden, made their 2022 tax return public. As did Vice-President Kamala Harris and Second Gentleman Douglas Emhoff.You can download or view…

Tax preparers are balking at crypto currency challenges

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…

Student Loan Forgiveness = State Income

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,…

Newlywed?

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…

2022 Change to Standard Mileage Rates

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…

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…

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…