In a recently released bulletin, IR-2023-59, the IRS warns of shady tax preparers and increased audit risk as part of their “Dirty Dozen” series. The IRS provided some common “warning signs” including tax preparers who base their fee on the size of the refund they are able to obtain for...
California and IRS Extended Income Tax Deadlines are Rapidly Approaching
The California and IRS extended income tax deadlines are rapidly approaching as we near the deadline in mid-October. In the first few months of 2023 California and the IRS extended income tax deadlines and associated payments until October 16, 2023. This extension applied to all businesses and individual taxpayers (married...
IRS Modifies and Clarifies Roth IRA Plan Catch-Up Payment Requirements
A recent announcement from the IRS (IR-2023-62) modifies and clarifies Roth IRA catch-up payment requirements for contributors who are aged 50 or older. IR-2023-62 delayed mandatory Roth IRA catch-up payments for high income taxpayers above the age of 50 earning more than $145,000 until 2026. Recent legislation (SECURE 2.0 Act,...
The US Treasury Department and IRS Have Released New Proposed Regulations on Sales and Exchanges of Digital Assets
The US Treasury Department and the IRS have released new proposed regulations on sales and exchanges of digital assets such as cryptocurrencies and Non-Fungible Tokens or NFTs. What taxes would a US taxpayer owe associated with cryptocurrency transactions or the Sale of a Non-Fungible Token? The proposed rules are open...
IRS Warns High Income US Taxpayers and Millionaire Non-Filers
The IRS has recently issued an ominous notice (#IR-2023-126) in which the IRS warns high income US taxpayers and millionaire non-filers that the IRS is targeting them to conduct audits, identify and collect undeclared income and unpaid taxes while considering criminal tax evasion charges in many cases. The IRS discusses...
Extended Income Tax Deadlines for California and the IRS
Extended Income Tax Deadlines for California and the IRS Are you searching for information regarding extended income tax deadlines for California and the IRS in 2023? California has joined the IRS in extending the deadline for filing 2022 income tax returns and associated payments until October 16, 2023. The extension...
Is It Time for an Estimated Payment or to File a Personal or Corporate Tax Return?
Is it time for an estimated payment or to file a personal or corporate tax return to the IRS or the FTB? For those on a calendar tax year there is a final estimated tax payment due to the IRS for federal taxes and the California Franchise Tax Board (FTB)...
Extension on Federal and State Taxes – Should I Consider it?
What are some of the benefits of planning on filing an extension on federal and state taxes. Is this a strategy you should consider? Remember in years' past when you got your W-2s, K1s, international banking and asset disclosures, foreign income data and other important tax documents in January, and...
How will the IRS Discover Your Crypto Assets Wherever They Are?
One of the most common questions owners of cryptocurrency and Non-Fungible Token (NFT) accounts asks is “How will the IRS discover your crypto assets wherever they are? Isn’t that the whole point (offshore exchange accounts are a safe hiding place?)” The answer lies in the implementation of FATCA (Foreign Account...