Author Archives: pg

Taxation of Capital Gains in NH: Capital Gains are not taxed!

https://learn.valur.io/new-hampshire-capital-gains-tax/

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IRS, Security Summit partners warn taxpayers of new scam

IRS, Security Summit partners warn taxpayers of new scam; unusual delivery service mailing tries to trick people into sending photos, bank account information IR-2023-123, July 3, 2023 WASHINGTON ― The Internal Revenue Service warned taxpayers today to be on the … Continue reading

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IRS BACKLOG ON AMENDED RETURNS

I.1, IRS Has Made Little Progress On Amended Return Backlog, NTA ReportsJun. 22, 2023 Federal Tax The Internal Revenue Service has made progress on clearing out the backlog of paper original returns in the wake of the COVID-19 pandemic, but … Continue reading

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Change in Accounting Method for Tax

Advance or Automatic Consent for Accounting Method ChangeCurated byRobert Recchia, J.D., M.B.A., C.P.A., Sr. Content Management Analyst, Wolters KluwerTaxpayers cannot change from an established accounting method to a different method unless they first obtain the IRS’s consent for the change. … Continue reading

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Cryptocurrency – Tax Ramfications

Great article about it:https://www.forbes.com/sites/irswatch/2021/06/14/thinking-of-getting-into-cryptocurrency-the-top-10-crypto-tax-mistakes-to-avoid/?ss=taxes&sh=318f06ae4628

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Biden & Taxes

Good recap: https://www.forbes.com/sites/sarahhansen/2021/04/28/here-are-the-biggest-winners-and-losers-in-bidens-individual-tax-plan/?ss=taxes&sh=5859b63050f6

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Employee Retention Credit for 2020 & 2021 Revised and Expanded

The employee retention credit (ERC) is still available until December 31, 2021. This is an extremely beneficial tax credit that definitely should be considered by any employer. The credit was available in 2020 but until the law was changed on … Continue reading

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Making a new S election after termination

Making a new S election after terminationEditor: Linda Markwood, CPAAugust 1, 2020 RELATEDSeptember 2, 2020Regulations coming on S corporations with accumulated E&P and GILTISeptember 1, 2020Private equity and F reorganizations involving S corporationsAugust 1, 2020State and local considerations in using … Continue reading

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IRS Webpage on Corona Virus

This page has a lot of useful information and is the best source on corona virus related relief: https://www.irs.gov/coronavirus

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“Marriage penalty” longer exists!

The “marriage penalty” is due to tax rates for married taxpayers paying more than twice what they would have paid if they has not been married and filed separately. 2019 tax brackets eliminated this for tax brackets below 35%. The … Continue reading

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