Since 2019, Forms 1040 series, Individual Income Tax Return, includes the following checkbox question: At any time during the year, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency? ◊ Yes ◊ No For...
On January 30, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, flooding and tornadoes that began on September 10, 2023 in parts of Rhode Island. These taxpayers now have until June 17, 2024,...
Starting January 1, 2024, Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final...
On January 22, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, flooding and a potential dam breach that began on January 10, 2024 in parts of Connecticut. These taxpayers now have until June 17,...
On December 22, 2023 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms and tornadoes that began on December 9 in parts of Tennessee. These taxpayers now have until June 17, 2024, to file various federal...
On August 16, 2022 President Biden signed the 2022 Inflation Reduction Act which has some favorable tax changes you should be aware especially now that we are approaching the end of 2023. Major Changes From The New Law Include: A three-year extension of expanded...
Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement...
If You Can’t Beat Them, Join Them – Ohio Voters Approve Adult-Use Cannabis! On November 7, 2023 Ohio voters approved legalizing recreational marijuana use in the state making Ohio the 24th state to legalize cannabis for adult-use (previously Ohio legalized only...
California’s Fight Against The Illegal Cannabis Market New law allows licensed cannabis businesses to pursue legal action against unlicensed cannabis operators in state superior court if they can prove damages resulting from the operation. Legal California cannabis...
On October 16, 2023 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by seawater intrusion in parts of Louisiana. These taxpayers now have until February 15, 2024, to file various federal individual and business tax...
