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Announced August 25, 2023, proposed Reg. 2023-17565 would require brokers (i.e. cryptocurrency exchanges) to report sales and exchanges of digital assets to the IRS. IRS Commissioner Danny Werfel stated, “These proposed regulations are designed to help end confusion...
What exactly are estimated tax payments and why are you reminding me to make them?!?! Great question - if you know that you will owe more than $1,000 to the Internal Revenue Service, you will want to make quarterly tax payments. States have their own estimated...
The IRS effort each year to process the millions of paper documents each year can be described as herculean. Taxpayers have been limited by the types of correspondence and forms that are available to be electronically submitted to the IRS for many years. Thanks to...
Crypto staking is a process that involves actively participating in a blockchain network's operations by locking up a certain amount of digital assets (usually coins or tokens) as collateral. Staking helps secure the network, as participants actively support the...
Did you know refunds expire 3 years after the due date (plus extensions) of the tax return? Understanding the Statute of Limitations: Generally, taxpayers face a statute of limitations when they can file a claim for refund of overpaid taxes in any particular year. ...
This Politico article explores the landscape of crypto tax regulations, shedding light on the ongoing efforts of governments to establish comprehensive frameworks for taxing cryptocurrencies. It highlights the challenges faced by tax authorities in tracking and...
A CP2000 notice is a letter sent by the Internal Revenue Service (IRS) to inform taxpayers of discrepancies or inconsistencies found in their tax returns. The purpose of understanding a CP2000 Notice is to propose changes to the taxpayer's return and provide an...
When it comes to generating taxable capital gains with cryptocurrency, many investors believe it only occurs when selling coins or tokens for fiat currency. For example, the US dollar, on centralized exchanges such as Coinbase. However, there is a wider range of...
What exactly are estimated tax payments and why are you reminding me to make them?!?! Great question - if you know that you will owe more than $1,000 to the Internal Revenue Service, you will want to make quarterly tax payments. States have their own estimated tax...
The IRS on Thursday unveiled an $80 billion plan laying the groundwork for an ambitious overhaul of one of the most scrutinized arms of the federal government. Read the article here: