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IRS guidance on the treatment of virtual currency has come out in dribs and drabs. One drib is the IRSβs Frequently Asked Questions (FAQs) page. This page originally included references to the gamersβ virtual currency in Robolox and V-bucks in the very popular Fortnite as items subject to tax rules. After some critical questioning, the […]
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The IRS has issued tax guidance on virtual currency in a number of formats. Not all of it is binding on taxpayers. This was noted in a recent General Accounting Office (GAO) study that also suggested more guidance to help taxpayers comply with tax rules. In short, the IRS is subject to specific rules and […]
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ABLE accounts are designed to help people with disabilities and their families save and pay for disability-related expenses. Though contributions are not deductible, distributions, including earnings, are tax-free to the designated beneficiary if used to pay qualified disability expenses. These expenses can include housing, education, transportation, health, prevention and wellness, employment training and support, assistive […]
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The IRS will host a webinar on the gig, or βsharingβ economy on Thursday, Feb. 20, 2020 at 2 p.m. ET. The free 60-minute webinar is open to all, and will cover the following: β’ What is the Gig Economy? β’ How does a gig worker know if they are an employee or self-employed? β’ […]
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The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. An employer must obtain certification that an individual is a member of the targeted group, before the employer may claim the credit. An eligible employer must […]
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The 2019 Form 1040, Schedule 1, Additional Income and Adjustments to Income, inquires about Virtual Currency transactions. On the top of the page below the Name Section, the following question appears: βπ΄π‘ πππ¦ π‘πππ ππ’ππππ 2019, πππ π¦ππ’ ππππππ£π, π πππ, π πππ, ππ₯πβππππ ππ ππ‘βπππ€ππ π ππππ’πππ πππ¦ πππππππππ πππ‘ππππ π‘ ππ πππ¦ π£πππ‘π’ππ ππ’ππππππ¦?β ππΈπ ππ Initial […]
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Phishing emails involving payroll direct deposit and wire transfer scams are targeting businesses and professionals. These emails generally impersonate a company employee, often an executive, and are sent to payroll or human resources personnel. The email from the “employee” asks the payroll or human resource staff to change his or her direct deposit for payroll […]
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In response to a July 2019 Task Force on Employee Misclassification Report detailing the social costs and burdens of misclassification, New Jersey recently enacted five new laws to deal with this problem. Misclassification of an employee or an independent contractor impacts a business for tax purposes and employment law purposes. If an audit changes the […]
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Paid tax return preparers must have a valid Preparer Tax Identification Number, or PTIN. And they must sign the return and include their PTIN. But βghostβ preparers do not sign the return. Instead, they print the return and tell the taxpayer to sign and mail it to the IRS. Or, for e-filed returns, they prepare […]
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Many taxpayers can do both their federal and state tax returns for free online through Free File offered either by the IRS or by some states. Generally, for 2020, taxpayers whose prior-year adjusted gross income was $69,000 or less can use IRS Free File. The following states also have Free File program-Arkansas, Arizona, Georgia, Idaho, […]