Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
The IRS intends to classify nonfungible tokens (NFTs) as collectibles rather than capital assets for tax purposes, but only when the rights associated with an NFT meet the criteria of collectibles. This differentiation holds significance for … [Read more...] about Tax Treatment of NFTs
The Corporate Transparency Act (CTA), passed in 2021, mandates that a vast number of entities disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. A beneficial owner is an … [Read more...] about Beneficial Ownership Reporting
Many employers forget or are unaware there are employee forms and records they must keep on record to avoid unnecessary penalties. There are several forms employees need to complete for employers. An employer should have the following forms and … [Read more...] about Payroll Forms for Employers
The IRS has published a roster of plug-in and fuel-cell vehicles that may qualify for new clean vehicle tax credits if purchased by eligible taxpayers in 2023. The list encompasses vehicles from 19 manufacturers and the maximum manufacturer's … [Read more...] about Clean Vehicle Credits Available
The IRS Collections activities are set to resume following a temporary halt during the initial stages of the COVID-19 pandemic. The IRS will not simply pick up where it left off but intends to inform taxpayers and their tax preparers about the … [Read more...] about IRS Collection Activities
Hit The Delete Button! Various e-mail and phone scams were circulating this past year that appeared to be from the IRS. The e-mails claim you may owe additional tax or have a refund waiting for you, and all you need to do is provide some … [Read more...] about Did You Receive an Email from the IRS
