On February 15, 2022, the IRS announced Form 14457, Voluntary Disclosure Practice Preclearance Request and Application has been revised, including an expanded section on reporting virtual currency. With the rise of virtual currency, the IRS is cracking down on virtual currency tax reporting.
Category: Tax – Business
IRS Halts Use of Third-Party Verification Involving Facial Recognition
On Monday, February 7, the IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. This transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.
Protecting Yourself from Supply Chain Shortages
The past few years have seen major kinks in the supply chain due to a number of reasons: aberrant buyer behavior, source material scarcity, government shutdowns, and worker shortages, to name a few. What can a business owner do to protect their businesses from shortages and therefore, revenue loss? Let’s take a look at a… Continue reading Protecting Yourself from Supply Chain Shortages
Tax Planning: IRS 2022 Limits
Each year, the IRS adjusts tax rates, standard deduction amounts, and other limits to account for tax law updates and cost-of-living adjustments.
Tax Provisions in the Infrastructure Investment and Jobs Act
While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included.
Updates to the Employee Retention Credit
Short-Term Capital Gains vs. Long-Term Capital Gains – What’s the Difference?
Business Meal Deduction Changes With the Consolidated Appropriations Act
Illinois SALT Cap Workaround
KRD Client Profile: TAJMAC-USA
Family-Owned Business Adapts for Success in a Changing World.