Newsletters
Tax Credits & Depreciation Rules Expired
Posted February 2022
Several tax credits and certain depreciation rules expired December 31, 2021.
IRS TO CRACK DOWN ON SIDE BUSINESSES OF TAXPAYERS
Posted February 2022
Starting in January, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. The new requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.
IRS TO ISSUE LETTERS FOR ADVANCE CHILD TAX CREDIT PAYMENTS
Posted February 2022
The IRS will issue letters to taxpayers who received monthly advance child tax credit (CTC) payments in 2021, providing a record of amounts paid and qualifying children on file.
NEW REPORTING REQUIREMENTS FOR CARRIED INTEREST ON TAX RETURNS
Posted February 2022
Carried interests have been in the news a lot lately, and they apply only to a select group of taxpayers. A carried interest is any profits interest received as compensation by employees or partners of a partnership. The value in the carried interest lies in the future value of the partnership. If the value of the partnership increases, the value of the carried interest also increases. When the holder of the interest disposes of it, any gain is subject to capital gain rates of taxation, as opposed to ordinary income rates. So, if you do not issue carried interest or your employer does not issue carried interests, this law change will not apply to you!
TAX FILING REMINDERS – February 2022
March 1st
March 2nd
March 15th
April 18th