Tag Archives: advisory
Form 1099-K – More Time Given by IRS
Last week, the IRS made some much-needed additions to its frequently asked questions page. These new additions were made regarding form 1099-K, which is the form used to report information about taxpayers’ use of third-party payment networks.… Continue reading
NY Lawmakers Look to Tax Streaming Services and Delivery Fees
New Yorkers could be soon facing a tax on popular digital streaming services for entertainment avenues like music, TV, and audiobooks. However, it doesn’t stop there, lawmakers are also looking to add a fee for delivery services to raise money … Continue reading
Silicon Valley Bank Collapse – DSJ Breakdown
Ever since its initial collapse, Silicon Valley Bank(SVB) has been at the top of most news headlines around the United States. However, what many don’t know is that SVB was on the radar of the Federal Reserve well before its … Continue reading
Biden’s Budget – Capital Gains Rates Reaching Nearly 45%
The Biden administration has recently made a proposition for several tax increases to America’s highest-earning individuals. These proposals were part of President Biden’s annual budget request that he presents to congress.… Continue reading
New IRS Commissioner Daniel Werfel Begins Term
Just a few short days after the United States senate confirmed him, Daniel Werfel reported to IRS headquarters to get down to business. He was approved sometime last week by a relatively thin margin of 52-42. Part of the job … Continue reading
Biden to Propose Taxing America’s Wealthiest, 25%
US President Joe Biden will make a call to Congress to impose a minimum tax on billionaires as part of several proposed tax hikes on the country’s wealthiest individuals and corporations. The minimum tax imposed would be 25%. The proposed … Continue reading
Senator Manchin Says He Will Not Approve Biden’s Pick for IRS Commissioner
Last week, Joe Manchin who is a Democrat and West Virginia senator announced that he will not approve the president’s nomination for commissioner of the Internal Revenue Service. According to Manchin, one of the biggest reasons he is voting against … Continue reading
NY Lawmakers Seek Changes to Cannabis Tax
Two Key lawmakers in the state Legislature are calling to make changes to the way New York taxes cannabis, as the state plans for the launch of this new market this year. Assembly Majority Leader Crystal Peoples-Stokes and state Sen. … Continue reading
False W-2 Claims – A New Scam This Tax Season
The IRS is warning taxpayers to be aware of a new tax scam this season involving Form W-2. According to the agency, scammers are trying to convince taxpayers to use their wage information on a tax return to falsely … Continue reading
Top 5 Biggest Individual Refund States
Despite popular belief, the amount received on an individual tax return isn’t determined by the economic condition of the state. Furthermore, the size and population of a state also do not help determine an individual tax returns refund amount.
This … Continue reading