Disaster-area taxpayers in most of California now have until Oct. 16, 2023, to file various federal individual and business tax returns
As use of cryptocurrency has been growing, many users aren’t aware of the tax rules and regulations that govern cryptocurrency transactions. In this video, we’ll explain how and when cryptocurrencies are taxed, as well as how to report transactions to the IRS.
IRS: Many California Residents’ Tax Filing and Payment Deadlines Extended to May 15 California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The tax relief postpones various tax filing and payment deadlines that occurred starting on Jan. 8, 2023. As a result, affected individuals and businesses will have until May 15, … Read more
The Inflation Reduction Act of 2022 The President recently signed into law the Inflation Reduction Act of 2022. This legislation will not only deal with Medicare’s drug price negotiations but will also deal with the ever-important climate change issue. Let’s look at what this legislation has to offer: Additional Funding for IRS Enforcement Over a ten-year period, funds are given to improve taxpayer services, enforce laws, support operations, and modernize … Read more
Changing Employees to Independent Contractors? What are the Ramifications? An employer made the decision to change the status of their workers from employees to independent contractors and it ended up backfiring. An at-home nursing service provider owed almost $1.3 million in back employment taxes and penalties for a misclassification of 99 nurses. The taxpayer, for reasons that were unclear, made the decision in 2016 to switch their employees to independent … Read more
