Newsletters

Individual Estimated Tax Payments

Posted May 2022

Many taxpayers, especially those who do not have taxes withheld from their paycheck, are required to make quarterly estimated tax payments. Estimated payments for individual taxpayers are due April 15, June 15, September 15 and January 15 of the next year.

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Fiscal year 2023 Treasury Tax Proposals

Posted on May 2022

On March 29, 2022 the U.S. Treasury Department issued “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, ” otherwise known as the Greenbook. The paper outlines the details of the Biden Administration’s tax policy proposals for Fiscal Year 2023. The proposals coincide with the Biden Administration’s budget proposals.

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Things to do After You File Your Tax Return

Posted May 2022

You have filed your tax return, or your preparer has done so on your behalf, so what is next?

1. If you have a refund coming, you can check the status of your refund within 24 hours after the IRS accepts your return. The best way to do this is to use the tool “Where’s my Refund” located on the IRS.gov website. In order to use the tool, you will need your Social Security Number, filing status and the exact amount of refund shown on your tax return.

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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.

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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.

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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.

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IRS Search Available for Tax Exempt Organizations

Posted March 2022

Beginning January 1, 2022, the IRS will have publicly available data on electronically filed Forms 990 available on its Tax Exempt Organization Search webpage. On this website, an organization’s eligibility to receive tax-deductible charitable contributions is available, as well as the information about the organization and its tax exempt status and filings.

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New Technical Guides Available from IRS

Posted March 2022

The IRS through its Exempt Organization and Government Entities group has published eight new Technical Guides for use by taxpayers and exempt entities.

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Welfare Benefits for Native Americans & Oklahoma Exclusion

Posted March 2022

Under Internal Revenue Code section 139E, payments made under legislatively provided social benefit programs for the promotion of the general welfare of Tribal members are excluded from gross income by the recipient of the benefits.

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Tax Credits & Depreciation Rules Expired

Posted February 2022

Several tax credits and certain depreciation rules expired December 31, 2021.

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