Taxes Archives |

First Federal Income Taxes

At 4:30 a.m. on April 12, 1861, Confederate troops fired on Fort Sumter in South Carolina’s Charleston Harbor. Less than 34 hours later, Union forces surrendered. Thus, the Civil War began. So did the financial requirements to fund the Civil War.  This prompted...

Crypto Staking Rewards

The IRS has issued guidance on staking rewards in July. When one stakes crypto native to a proof-of-stake blockchain and receives additional crypto units or tokens as validation rewards, the fair market value of those token awards is gross income in the year the...

Recapture of Depreciation

With the wild run up of property values, I have had a rash of clients selling rental properties.  The offers were just too good to refuse. When I go over the gain calculation they are startled.  They are thinking I sold for $500,000, I paid $200,000 I pay tax on only...

3.8% Surtax

Surprise a tax that starts to effect those who thought it was a good idea to tax the rich, it turns out they are the rich, themselves. More people each year pay the 3.8% surtax on net investment income. This tax, which was enacted as part of Obamacare, applies to...

Crypto Staking

The Service now addresses the taxation of crypto rewards received through staking. Some taxpayers have taken the position that token rewards they received through a proof-of-stake blockchain are created property that isn’t taxed on receipt, but instead, on...

Common ERTC Compliance Errors

Interaction with the PPP loans, wages covered by PPP loans are not eligible for ERTC credits. Interaction of the ERTC and other payroll-related credits. Wages used for the following credits generally can’t also be used for purposes of claiming the ERTC: The tax credit...

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