The U.S. Treasury recently enacted a new reporting requirement aimed at quashing illicit financial transactions. The agency believes that corporate anonymity is enabling money laundering, terrorism...

Every year, the IRS announces annual inflation adjustments related to tax rate schedules, deductions, cost-of-living adjustments, etc. What many taxpayers do not realize is that they also adjust the cost of fines and penalties as well. This means...

The IRS recently issued an important ruling on the taxability of crypto currency staking rewards, determining that staking rewards are essentially “income” and therefore taxable upon receipt and...

This article is not for those of you who prepare your own tax returns. Let us face it when you prepare your own return, you are responsible for what is, or is not, included on the forms....

The US tax system is progressive, meaning that the more you earn the more you pay. For the years 2020-2022 there are seven different brackets for each year. Which bracket you are in depends on your taxable...

Sales and trading of nonfungible tokens (NFTs) are soaring recently. With the emergence of major marketplace platforms such as Opensea, NFTs...

Senate rules and procedures have a major impact on how tax laws are drafted and amended, especially when it comes to those related to the budget reconciliation process...

The deadline has passed to elect Section 475 MTM for tax year 2020, but it's still possible to do so for 2021. In this article, we'll cover the basics about when and how to make the election....

The Tax Reform Act of 1984 enacted a provision that commercial leases need to be tested under Internal Revenue Code section 467....

The CARES Act created the Employee Retention Credit as part of the government’s relief package to mitigate the economic impact of COVID-19. Recently, on Dec. 28, 2020, Congress enacted the Consolidated...

Economists are predicting that 58 percent of unemployed workers who were laid off as a result of COVID-19 lockdowns are likely to return to their old jobs, according to the Brookings Institution. But...

With COVID, there’s a good chance that you are working from home. For example, in May the Dallas Federal Reserve reported that approximately 35 percent of U.S. employees worked from home full-time, with almost 72...