by Taxing Subjects | Mar 5, 2024 | Tax Tips and News
Many businesses, enticed by misleading information, have found themselves unwittingly in non-compliance with ERC regulations. The IRS has urged tax preparers to act soon to verify their compliance, emphasizing the need for proactive review and correction. To help tax...
by Joe Tax & Business Solutions | Mar 4, 2024 | Tax Tips and News
Understanding the implications of selling cryptocurrency for real currency is essential for individuals navigating their United States federal income tax. Here’s a closer look at how to report these transactions: Understanding Cryptocurrency as Property: The IRS...
by Joe Tax & Business Solutions | Mar 4, 2024 | Tax Tips and News
Cryptocurrency has become increasingly popular in recent years. However, many people remain unsure about how to report them for on their income tax. In the United States, the Internal Revenue Service (IRS) has provided guidance on how to report cryptocurrency...
by Joe Tax & Business Solutions | Mar 4, 2024 | Tax Tips and News
The Basics For day traders, tax season presents a maze of complex rules and regulations. Unlike traditional employees who receive W-2 forms, day traders must grapple with various forms and guidelines when filing their federal income tax. Here’s a simplified...
by Joe Tax & Business Solutions | Feb 29, 2024 | Tax Tips and News
What is Section 1256? In the tax world, Section 1256 contracts refer to a category of financial instruments that are subject to special tax treatment under the Internal Revenue Code (IRC) Section 1256. These contracts include: Futures Contracts: Futures contracts are...
by Taxing Subjects | Jan 31, 2024 | Tax Tips and News
The Employee Retention Credit (ERC), initially introduced as part of the CARES Act in 2020 and extended through subsequent legislation, aims to provide financial relief to businesses impacted by the COVID-19 pandemic. However, claiming this credit requires adherence...
