Virtual Currency Transactions Are Reportable
The IRS reminds taxpayers that income from virtual currency transactions is reportable on their returns and that these transactions are taxable just like those involving any other type of property.
Virtual currency is a digital representation of value that functions in the same manner as traditional currency. Because transactions in virtual currencies […]
Department of Revenue Launches Missouri Tax Return Status Tracker
Personal income taxpayers can now sign up for the Missouri Tax Return Inquiry System to receive automatic text and email alerts from the Missouri Department of Revenue each time the status of their state tax return is updated.
To enroll for alerts, taxpayers are required to provide their […]
Health Insurance Marketplace Statements Impact On Tax Returns
The IRS has reported that taxpayers who receive corrected 2017 Forms 1095-A (also known as the Health Insurance Marketplace Statement) may need to file an amended return, if they have already filed. The IRS highlighted some corrections that may require an amended return. The IRS also instructed taxpayers […]
Best Practices For Individual Mandate Obamacare Compliance
Some people assume that because the Tax Cuts and Jobs Act removed the individual mandate for Obamacare compliance that taxpayers no longer need to worry about reporting coverage without facing a penalty.
The Tax Cuts and Jobs Act effectively repealed the individual shared responsibility requirement by making any payment due $0. However, this change doesn’t […]
Advice On Avoiding Tax Scams From Your Tax Accountant
In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. Scammers use the mail, telephone, fax or email to set up their victims. Companies and individuals must be vigilant in guarding against criminals attempting to obtain sensitive […]
How The New Capital Gains Tax Laws Impact Your CPA Firm
The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains. They remain at 0, 10, 15 and 20 percent, respectively with the 25- and 28-percent rates also reserved for the same special situations. However, changes within the new law […]
How The New Section 529 Tax Laws Impact Your Tax Accountant
Section 529 plans used to only be allowed for college tuition, up to full tuition amounts. But the Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax […]
How Do The New Tax Laws Impact Your Tax Consultant?
The Tax Cuts and Jobs Act made sweeping changes to the nation’s tax laws. Everyone – especially individuals and business owners – needs to review their tax strategies for the new law. The changes are huge. However, many changes are temporary, especially for individuals.
Individuals
Individuals who work […]
Year End Capital Gains Planning For Your Tax Preparer
As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The […]
How Do Life Insurance Proceeds Impact Your Tax Return?
Life insurance proceeds are received tax-free. However, any interest earned on life insurance proceeds, usually referred to as its cash value, is subject to tax. Special rules apply to transfers of ownership in a life insurance policy, accelerated death benefits, and viatical settlements.
An insurance policyholder might purchase […]