Tax-Free Gifting
Article Highlights: Lifetime Exclusion Annual Exclusion Medical Exception Education Exception Gifting Techniques If you are fortunate enough to have an estate large enough to be subject to the estate tax upon your death, you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the […]
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill
Article Highlights: IRS Compliance Campaign New Reporting Requirement for Crypto Exchanges Form W-9 Form 1099-B Cryptocurrency as Property Digital Assets Definition Transfer Reporting Cash Transaction Reporting 1040 Crypto Question Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. […]
IRS Reference Code 9024
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. Where’s My Refund? The IRS established the “Where’s My Refund?” […]
What Is Tax Basis and Why Is It So Important?
Article Highlights: Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then […]
IRS Reference Code 9023
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
IRS Reference Code 9022
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Do You Need a New IRS Identity Verification?
ALERT: The Treasury Department has directed the IRS to transition away from using the controversial ID.me ID facial recognition verification services after deciding that much of the biometric information is inherently risky, pointing out that many facial recognition systems have deep racial and gender biases. So, you will not need an ID.me verification if the […]
January 2022 Individual Due Dates
January 3 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 – Report Tips to Employer – If you are an employee […]
IRS Reference Code 9021
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Live Updates: The Latest News for Taxpayers and Small Business Owners
With the news coming faster and faster every day, we wanted to help our tax and small business clients stay up to date on the latest stories affecting them and their finances. Keep checking back to stay informed on the top headlines, law changes, tax proposals, and much more. Here are some of the important […]