by Leif Jensen | Mar 25, 2024 | Taxes |
If you use QuickBooks Payroll to do your payroll that’s fine. Made sure you are downloading all of the quarterly reports and keeping them safe. We had one client who used the QB service, did not save the files, then went out of business. Two years later the IRS was...
by Leif Jensen | Nov 27, 2023 | Taxes |
The IRS has issued Brokers guidance on how to comply with reporting rules on digital assets. A 2021 law requires brokers to report the sales price, tax basis and other information on digital asset trades. The rules were scheduled to first take effect for digital...
by Leif Jensen | Nov 15, 2023 | Taxes |
The Federal Income Tax from 1861 was repealed in 1872, the bills of the Civil War were paid. Alas, there were puritanicals that wanted to enforce their will and beliefs on others. They had disdain for those cultures that drank beer or wine, and hated those who...
by Leif Jensen | Nov 13, 2023 | 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...
by Leif Jensen | Oct 26, 2023 | Taxes |
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...
by Leif Jensen | Oct 4, 2023 | Taxes |
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...
