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2 Aug 2023, 10:00 pm
The Internal Revenue Service (IRS) recently ruled that if a taxpayer using a cash method of accounting stakes certain cryptocurrency and receives additional units of such cryptocurrency as rewards for staking, the taxpayer must include the fair market value of such rewards in the taxpayer’s gross income in the taxable year in which the taxpayer obtains dominion and control of the cryptocurrency received. [read post]
2 Aug 2023, 10:00 pm
The Internal Revenue Service (IRS) recently ruled that if a taxpayer using a cash method of accounting stakes certain cryptocurrency and receives additional units of such cryptocurrency as rewards for staking, the taxpayer must include the fair market value of such rewards in the taxpayer’s gross income in the taxable year in which the taxpayer obtains dominion and control of the cryptocurrency received. [read post]
2 Aug 2023, 10:00 pm
The Internal Revenue Service (IRS) recently ruled that if a taxpayer using a cash method of accounting stakes certain cryptocurrency and receives additional units of such cryptocurrency as rewards for staking, the taxpayer must include the fair market value of such rewards in the taxpayer’s gross income in the taxable year in which the taxpayer obtains dominion and control of the cryptocurrency received. [read post]
2 Aug 2023, 9:12 am by Ashley Belanger
Today, the US Treasury Department announced that taxpayers will have the choice to go paperless for all Internal Revenue Service (IRS) correspondence in the upcoming 2024 filing season. [read post]
1 Aug 2023, 4:02 pm by Geoff Schweller
The Commodity Futures Trading Commission (CFTC) and Internal Revenue Service (IRS) also released statements honoring the day. [read post]
31 Jul 2023, 11:34 am by Geoff Schweller
” Among the agencies which recognized National Whistleblower Day this year were two with hugely important whistleblower award programs: the Commodity Futures Trading Commission (CFTC) and Internal Revenue Service (IRS). [read post]
26 Jul 2023, 5:00 pm by Anna Mikhaylina
As described in the Memo, the Internal Revenue Code (the “Code”) requires substantiation of all medical expenses by an independent third party, with information describing the service or product, the date of service or sale, and the amount of the expense (e.g., an explanation of benefits from the insurance company; a receipt from a pharmacy relating to a prescription). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
25 Jul 2023, 10:00 pm
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue Code (Code) Section 403(b). [read post]
24 Jul 2023, 12:30 pm by Cari Rincker
The Internal Revenue Service (IRS) has a Closing Business Checklist that details the filing requirements for LLCs.[3] It notes that the type of final tax return an LLC must file is based on how it is classified for federal income tax purposes (i.e., as a partnership, a corporation, or an entity disregarded as separate from its owner). [read post]
21 Jul 2023, 12:27 pm by Cari Rincker
One way to keep your accounts and property out of the hands of the Internal Revenue Service (IRS) is to form a community property trust. [read post]
21 Jul 2023, 11:36 am by Wiggam Law
We provide our clients with high-quality tax legal services customized to their unique needs. [read post]
20 Jul 2023, 8:45 am by ocgdev
It is also a crucial step in protecting your property to update your address with the Internal Revenue Service (IRS) by filling out Form 8822. [read post]
20 Jul 2023, 1:15 am by Katelynn Minott, CPA & CEO
US citizens and permanent residents residing outside the United States are still obligated to file an annual tax return with the Internal Revenue Service if they meet the minimum income threshold. [read post]
18 Jul 2023, 1:21 pm by Holly
    Unfortunately, at the current 45% estate tax rate, almost half of the life insurance proceeds would be payable to the Internal Revenue Service for federal estate tax rather than passing to the policy’s beneficiaries. [read post]