On January 10, 2025, IRS announced tax relief for individuals and business in California affected by wildfires extending the deadline to file various federal tax returns until October 15, 2025. The extended deadline applies to a filing and payment relief as well that were originally due during from January 7, 2025, through October 15, 2025. […]
California Wildfire Victims Qualify for Tax Relief… Read More »
Today, we are reminded by the IRS that taxpayers are due to answer a digital asset questions and report all income related to these digital assets on their 2023 tax return. Let us revisit the question… What is a digital asset? Digital asset is a value.. generally anything that is created and stored digitally, or
Virtual (Crypto) Currency, Digital Asset Income Reporting… 2023 Tax Year Read More »
Seniors are required to take their RMD – Required Minimum Distributions for 2023 by Dec. 31 if your were borne before 1951… RMDs are funds that the owners of IRA – Individual Retirement Accounts must withdraw each year despite the event the account owner still might be working. The age requirement for 2023 has been
RMDs – Required Minimum Distribution for seniors born before 1951 Read More »
Another delay for Form 1099-k lower threshold filing. Change applies to the 11.21.2023 Blog / Post, “Tax news… Tax form 1099-ks, and more…” 2023 tax filing will be as another transition year, IRS announced the effective date of the $600 threshold for Form 1099-K reporting is delayed another year till 2024, considering as a it
Filing of the form 1099-Ks threshold reporting delayed! Read More »
New IRS tax on gig-workers is here! Starting this year, Form 1099-Ks will be issued to people who are engaged in gig-work, casual sales of selling services or goods, receiving more than $600 in gross sales. New IRS rule required that third-party payment networks like PayPal, Venmo, Amazon, and Square, Airbnb, Etsy, eBay, issue Form
Tax news… Tax forms 1099-Ks, and more… Read More »
Retiring abroad is in your mind…? The concept for spending retirement years abroad, in a new country could sound charming, but it is undeniably important planning financially to avoid potential risk issues that might arise. Some of the most crucial information to consider when contemplating on the move, one must: Explore the tax implications of
Thinking of Retiring Abroad…? Read More »
IRS announced tax relief for individuals and businesses affected in Israel. Qualifying taxpayers now have until Oct. 7, 2024, to file tax returns, make payments, and perform other actions that are time sensitive. This relief applies to: 2023 individual and business returns and payments (exception applies…) Quarterly estimated income tax payments (exception applies…) Quarterly payroll
Relief for Taxpayers Affected by Attacks in Israel… Read More »
California storm victims just received more time to file 2022 taxes and make payments till Nov. 16, 2023. All California counties except Lassen, Modoc, and Shasta counties are qualify for the extension as long as the address of record is in a disaster area locality. The taxpayers get extra time automatically! Below is the list
2022 Tax Filing and Payment Deadline Extended – till Nov. 16, 2023 Read More »
IRS issued new requirement for certain businesses that receive cash payments of over $10,000 to file Form 8300 electronically starting January 1, 2024. This new requirement applies to businesses that are required to file at least 10 information returns of one or more type other than Form 8300 in year 2024. The filing is done
Businesses Must E-file Form 8300 for $10,000+ Cash Payments in Beginning Jan. 1, 2024 Read More »
IRS announced the tax payments for individuals and business in parts of Florida affected by Hurricane Idalia can be deferred until February 15, 2024. Thus far 46 of Florida’s 67 counties are designated emergency areas by the Federal Emergency Management Agency! This deadline applies to individuals who had a valid extension to file their 2022
Federal Tax Relief for Florida Taxpayers Affected by Hurricane Idalia… Read More »
