Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
Reporting & Filing Requirements
In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction.
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
This semiannual update covers recent federal tax developments involving individuals, highlighting noteworthy IRS guidance and decisions of the Tax Court and other courts, as well as tax changes made by legislation.
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
This item looks at of the changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season.
Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
The gig economy further complicates the distinction between employees and independent contractors.
The income tax results of digitally mining bitcoin and physically mining gold are significantly different. This article compares and contrasts the tax treatment of these two types of mining operations.
Recently released IRS Chief Counsel Advice targeted at the BTC/BCH hard fork also provides insight into how the IRS may evaluate more complex cryptoasset transactions.
Treasury takes a more aggressive stance on reporting of virtual currency transactions.
Various options are available for mitigating penalties for noncompliance with foreign return filing requirements.
Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
The IRS grants underpayment penalty relief for taxpayers affected by excess business loss repeal.
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.