Month: November 2019

5 Smartest Tax Moves to Make Before 2019 Ends

2020 is around the corner, but it’s not too late to take advantage of tax-saving tips…

Compared to 2018, when the Tax Cuts and Jobs Act (TCJA) took effect, 2019 has been a rather quiet year as far as changes in tax law. However, there were still some major shifts in rules and regulations this year. Plus, the TCJA continues to take taxpayers by surprise as they begin looking at their upcoming tax returns.

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Got Crypto? New IRS Ruling Requires You to Do 3 Things

In mid-October 2019, the IRS released new rulings regarding how virtual currency is viewed in light of tax law.

The main takeaway is this: If you’ve got crypto, the IRS is keeping a close eye on you. There’s no need to panic! Here at Robert Russo CPA, we’ve put together 4 things you need to understand about taxes on cryptocurrency – and how the new October ruling impacts you.

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Solar Technology Tax Credits Still Available for 2019

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits:

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New Twist on the Social Security Number (SSN) Scam

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten people into returning “robocall” voicemails.

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Business Expense Deductions for Meals, Entertainment

As the end of year approaches, taxpayers are reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers should rely on transitional guidance that was recently issued by the IRS.

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Seasonal Workers and the Healthcare Law

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA).

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