New crypto reporting requirements are coming

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage …
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Year-end strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity  Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But …
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Retiring to another state? Be sure to factor in taxes

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. …
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IP PIN protects against tax return ID theft

By Bennett Allison, CPA Identity theft is a growing problem.  After obtaining personal information, identity thieves often file fraudulent personal income tax returns with the hope of collecting ill-gotten income tax refunds in the process.  Applying for an IP PIN is an easy way to prevent such tax return fraud. IP PIN stands for Identity …
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Navigating the taxes of donating art to charity

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of …
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How to get the best loan terms for your business

Business activity ground to a halt in many areas during the pandemic. Fortunately, the Paycheck Protection Plan (PPP) program and other relief programs rescued many small enterprises from financial crisis. If certain requirements are met, all or part of PPP loan proceeds may be forgivable — similar to a grant from the federal government. The PPP …
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Planning for year-end gifts with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or …
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Estate fraud: Red flags and prevention

As more people are reaching retirement age and living longer, protecting one’s finances against unexpected expenses and the possibility of needing long-term care are important parts of any retirement and estate plan. However, one thing most people may not realize is that in today’s digital world, people should also protect themselves against the possibility that …
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Getting divorced? Own a business? Proceed with caution.

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and business ownership interests, …
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