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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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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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.

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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. 

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