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IRS is Using Data Analytics to Track the Use of Cryptocurrency for Tax Evasion

by Steven J Weil, PhD, EA, LCAM | Jun 29, 2021 | Blog, Business Tax, Personal Tax

Internal Revenue Service is focusing on tax evasion done with virtual currencies like Bitcoin and nonfungible tokens. This is done by using data analytics to uncover transactions that crypto users assumed are hidden. As crypto and other virtual currencies have become...

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by Steven J Weil, PhD, EA, LCAM | Jun 23, 2021 | Blog, Personal Tax

Beginning July 15, the IRS will start sending taxpayers that filed 2019 or 2020 returns with qualifying children and advance payment of the Child Tax Credit. The payment will amount to ½ of the Child Tax Credit for 2021. The American Rescue Plan Act increased the...

Don’t mess with the Department of Labor and the Overtime Rules!

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Payroll Preparation

Some Key West Restaurants recently found out that the Department of Labor means business when they were assessed $162,000 is back wages for overtime violations. Employers need to keep good records of hours worked, comply with wage and hour regulations and properly pay...

Bills from the Hill

by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Business Tax, Personal Tax

Below is a list tax bills introduced in Congress for which bill text became available between June 3 and June 10, 2021. The bill text for each bill can be accessed by clicking on the bill number. Individuals:  H.R.2304 – Save Social Security Act of 2021. To...

Uh Oh — Why did I get a letter from the IRS?!?

by Steven J Weil, PhD, EA, LCAM | Jun 2, 2021 | Blog, Personal Tax

You open your mailbox and see a “scary” looking letter addressed to you from the IRS. It’s a notice of payment due. What should you do? Do not automatically assume the letter is correct and submit payment to make it “go away”. There have been many recent tax law...
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Blog

Buy A Preowned Clean Vehicle Get A Tax Credit

Feb 1, 2023 | Blog

Used electric vehicles purchased after 2022 and before 2033 may qualify for a tax credit of up to $4,000. Qualified buyers who acquire and place in service a previously owned clean vehicle, are allowed a credit equal to the lesser of $4,000 or 30% of the vehicle’s...

Ever Wonder Just How Long IRS Has To Collect What You Owe?

Jan 18, 2023 | Uncategorized

The answer is: forever if you fail to file the tax return. But if you file the required returns and just can’t pay then the amount of time the IRS has to collect is limited by the IRS’s Collection Statute of Limitations. The IRS Collection Statute Expiration Date...

HIGHLIGHTS OF THE 2023 FUNDING BILL

Jan 16, 2023 | Uncategorized

President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...

Who Can Be A Dependent?

Jan 13, 2023 | Blog, Personal Tax

A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...

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