Reporting Requirements for Virtual Currency

As cryptocurrency continues to evolve as a valuable commodity, the IRS has issued guidance on the reporting requirements associated with the acquisition and sale of it. What is cryptocurrency?  Cryptocurrency, also known as digital or virtual currency, is a digital asset that is secured by encryption techniques and is able to be distributed across a […]

Inherited IRAs and the SECURE Act of 2019

At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying required minimum distribution (RMD) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within 10 years of the original owner’s death. Prior […]

Paycheck Protection Loan Forgiveness

When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses.  Proceeds from this loan can be forgiven if certain criteria are met. Once the PPP proceeds are deposited to your account, the original […]

Advance Payments of Employer Credits Due to COVID-19

In conjunction with the CARES Act, the IRS has released form 7200, Advance Payment of Employer Credits Due to COVID-19, which allows eligible businesses to claim an advance of refundable tax credits used to help cover the cost of keeping employees on payroll, even if they’ve been furloughed or are working reduced hours. Who is […]

How the New Tax Law, CARES, Impacts Individuals

IRS and Congress have given individuals a number of ways to build up their cash reserves and/or pay less in taxes. Here are a few opportunities for taxpayers. Stimulus checks from the IRS Many of you received stimulus checks in the last month as a result of new laws designed to help you weather the […]