On Nov. 15, 2021 The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law. The IIJA includes requirements for the reporting of cryptocurrency exchanges using intermediary Form 1099 reporting. Generally, these rules will apply to digital asset transactions starting in 2023. As you know, if you have a stock brokerage account, then… [Read More]
On September 24, 2019, the U.S. Department of Labor announced a final rule regarding overtime which will expand the list of employees eligible for overtime. Previously, “blue-collar” workers and professionals who earned less than $23,000 a year would earn overtime pay2019.10.01 New Overtime Rules (time and a half for hours worked over 40 per week).… [Read More]
In a statement (IR-2019-132) issued on July 26, 2019, the IRS announced that it would be sending letters to taxpayers who may have unreported income relating to virtual currency transactions, or who may not have reported the transactions correctly on previously filed returns. In this statement, Charles Rettig, the IRS commissioner, encouraged all taxpayers to… [Read More]
Recently the IRS released additional guidance on a large number of issues related to the Qualified Business Income (QBI) Deduction (Section 199A). This deduction allows certain taxpayers who have flow thru businesses (S Corporations, partnerships, sole proprietorships) to take a 20% deduction on the related income. To qualify, the activity has to rise to the level of a trade or business. Question: is rental activity a trade or business?
A long, long time ago (well, 2015), a Republican Congress enacted and President Obama signed the Bipartisan Budget Act of 2015. One feature of that legislation was the enactment of new IRS audit rules for partnerships. The effective date was set as January 1, 2018. Now, with preparation of the 2018 tax returns, the time has come to talk again about the impact of these rules.
June 28, 2018 In a 5-4 vote and an opinion written by Justice Kennedy on June 21, 2018, the US Supreme Court decided South Dakota v. Wayfair, Inc. Basically, this opinion states that physical presence is not a necessary requirement in determining nexus rules (i.e. whether a business has a connection to a state). The… [Read More]
Richard Maloney presented “The New Tax Law” at the New Hampshire Association for Justice’s annual Continuing Legal Education Seminar on Family Law on February 9. Attended by over 100 attorneys, speakers included judges and experienced family law practitioners. The seminar was intended to assist trial attorneys in understanding and navigating through the complex issues associated… [Read More]
Presenting on February 9, 2018 in Concord New Hampshire at the New Hampshire Business and Industry Small Business Day, Kevin Kennedy, CPA, CFE on the new federal tax law “The Tax Cut and Jobs Act” and its implications to small New Hampshire businesses. Presenting along with Kevin were Karl A. Heafield, CPA MST, John Rich,… [Read More]