One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. These enhanced reporting requirements are outlined in the U.S. Treasury...
In a March 21 speech before a tax executives convention, IRS chief Charles Rettig stated that the agency is “trending in a really good direction” in catching up on unprocessed returns. However, he warned, the agency needs more in long-term government funding if it’s...
The next time you contact the IRS, your call or online text might be received by a voice or chat bot. The IRS is now employing the technology on two of its specialized phone-assistance lines and on IRS.gov. The voice bots will provide taxpayers with assistance in...
It’s tax season, and many people are preparing their income taxes on their own though they should really be working with a tax professional to ensure they get the most benefit from their taxes and in turn build wealth. Tax planning is one of the most effective ways...
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency? According to the IRS, some examples of a...
If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services or goods. Often, the gig is acquired through a digital platform,...
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