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Report all cryptocurrency, digital asset income

The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns. The question appears at the top of Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax […]

Jan. 31 filing deadline for employers to file wage statements

With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government. Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. The Jan. […]

Backup withholding payment deadlines are coming soon

Businesses or other payers required to take backup withholding funds from payments should make sure they have a few upcoming filing deadlines on their calendar. Backup withholding can apply to most kinds of payments reported on Forms 1099 and W-2G. There are, however, situations when a payer must withhold 24% of the payment to ensure the IRS […]

Taxpayers should continue to report all digital asset income

What is a digital asset? A digital asset is a digital representation of value which is recorded on a cryptographically secured, distributed ledger. Common digital assets include: Convertible virtual currency and cryptocurrency Stablecoins Non-fungible tokens (NFTs) Everyone must answer the question Everyone who files Form 1040, Form 1040-SR or Form 1040-NR must check one box, […]

Employers: Jan. 31 deadline for Form W-2, other wage statements

Tax Associates reminds employers and other businesses to file tax year 2022 Form W-2 and other wage statements by Jan. 31. The deadline also applies to Forms 1099-NEC, Nonemployee Compensation filed with the IRS to report non-employee compensation to independent contractors. Contact us for more information and support to ensure your companies success.

Final 2022 quarterly estimated tax payment due Jan. 17

Many taxpayers make quarterly estimated tax payments during the year to stay current on their taxes, but many who should overlook this step. The Internal Revenue Service today urged those who paid too little tax in 2022 to make a fourth quarter payment on or before Jan. 17 to avoid an unexpected potential tax bill or penalty […]

How to deduct home office from your taxes

The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Here are some details about this deduction to help taxpayers […]

IRS sending information letters to Taxpayers

  IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payments The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information […]

Things to keep in mind when choosing a tax preparer.

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this […]

How to know if you need to file taxes.

Here’s what taxpayers should consider when determining if they need to file As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so. For tax year 2018, all individual taxpayers will file using the new Form 1040. […]