Newsletters
Amortization of R&E expenditures
Posted April 2022
Effective for amounts paid or incurred in tax years beginning after Dec. 31, 2021, taxpayers may no longer deduct, as a current year expense, research and experimental (R&E) expenditures, but must amortize them over five years or longer. This change was one of the provisions of the Tax Cuts and Jobs Act (TCJA) enacted in late 2017.
Sales of NFTs Create Taxable Income
Posted April 2022
It is one of the hottest segments of the crypto world: NFTs or non-fungible tokens. It is a market that has ballooned to over $44 billion in sales annually.
WHEN INCOME FROM SHORT-TERM RENTALS IS SELF-EMPLOYMENT INCOME
Posted April 2022
The IRS released Chief Counsel Advice 202151005 in late 2021. The advice addresses when short-term rental income is subject to self-employment taxes.
TAX FILING REMINDERS – April 2022
June 15th
May 15th