ALERT: THE BIDEN INFRASTRUCTURE BILL INCLUDES PROVISIONS THAT INCREASE THE REPORTING REQUIREMENTS FOR CRYPTOCURRENCY TRANSACTIONS. CONTACT US FOR MORE INFORMATION
When it comes to tax losses on bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.
Key tax provisions in the American Rescue Plan Act (ARPA) could affect your tax situation. Here’s what you need to know:
The State of New York recently passed a new pass-through entity tax as a work-around for the State and Local Tax Deduction cap of $10,000.
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look:
A new form is available for self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). The FFCRA, passed in March 2020, allows eligible self-employed individuals who, due to COVID-19, are unable to work or telework for reasons relating to their own health or to care for a family member to claim refundable tax credits to offset their federal income tax.
Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break — in effect only for the 2020 tax year — lets you exclude the first $10,200 from taxable income. Here’s what you should know:
Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look:
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:
