Tax Law
What Does The Inflation Reduction Act Mean To You?
Submitted by Desmond Wealth Management, Inc. on August 28th, 2022You May Receive an IRS Form 1099-K This Year
Submitted by Desmond Wealth Management, Inc. on August 1st, 2022Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can be unpleasant in some situations.
Alert: A Massive New FinCEN Filing Requirement Is Coming
Submitted by Desmond Wealth Management, Inc. on June 27th, 2022Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill
Submitted by Desmond Wealth Management, Inc. on December 20th, 2021Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns, and even criminal investigations.
President Biden’s Build Back Better Act Passed by The House - Fate Now in the Senate’s Hands
Submitted by Desmond Wealth Management, Inc. on November 25th, 2021The Basics of Depreciation
Submitted by Desmond Wealth Management, Inc. on November 7th, 2021Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal purposes, it’s not deductible.
However, if you use it in a business, you can deduct the full cost using regular depreciation, bonus depreciation, or IRC Section 179 expensing.
Understanding the Taxation of Cryptocurrency Transactions
Submitted by Desmond Wealth Management, Inc. on October 27th, 2021If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS other than in Notice 2014-21 and Revenue Ruling 2019-24.
The Treasury Green Book of Biden Proposed Tax Changes
Submitted by Desmond Wealth Management, Inc. on July 14th, 2021The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress.