Kaufman Accounting

Categories

Subscribe!

Nov 3 2022

Choosing and Identifying Cost Basis when units of Virtual Currency are sold

Often, these units are acquired at different times with different ...
Read More

Nov 3 2022

401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

The Internal Revenue Service announced recently that the amount individuals ...
Read More

Nov 3 2022

Cyber Security Awareness

Cybersecurity Awareness Month, conducted every October, is a collaboration between ...
Read More

Sep 1 2022

Understanding how the IRS contacts taxpayers; Avoiding scams and how to know it’s really the IRS reaching out

With continuing phone and in-person scams taking place across the ...
Read More

Sep 1 2022

Some things to know about crowdfunding and taxes

Crowdfunding is a popular way to raise money online. People ...
Read More

Sep 1 2022

What you need to know if you are donating virtual currency

As we head into the last few months of the ...
Read More

Aug 4 2022

Virtual Currency Trades and Forks

The IRS has compiled a list of several Frequently Asked ...
Read More

Aug 4 2022

IRA’s are one tool in the retirement planning toolbox

There are many ways people plan for retirement. Individual Retirement Arrangements, ...
Read More

Aug 4 2022

People should know if their pastime is a hobby or a business

From collecting stamps and woodworking to crafting and quilting, people ...
Read More

Jun 29 2022

Determining basis when you have been paid in virtual currency

If you have been paid for services in virtual currency, ...
Read More

Jun 29 2022

When the lemonade stand makes bank: Young entrepreneurs and taxes

Teens and young adults often go into business for themselves ...
Read More

Jun 6 2022

Accepting virtual currency as payment

As virtual currency gains acceptance, more people are paying for ...
Read More

Jun 6 2022

Preparing for a Natural Disaster

In 2021, the Federal Emergency Management Agency (FEMA) declared major ...
Read More

Jun 6 2022

School is out for summer, but tax planning is year round

Now that the April filing deadline has passed, most people ...
Read More

May 4 2022

What is virtual currency?

The IRS explains that virtual currency is treated as property ...
Read More

May 4 2022

What taxpayers should do if they get an identity theft letter from the IRS

With identity theft on the rise, the IRS wants taxpayers ...
Read More

May 4 2022

Money received through ‘crowdfunding’ may be taxable

With the increasing popularity of crowdfunding, the IRS reminds taxpayers ...
Read More

May 4 2022

Reasons why some tax refunds filed electronically take longer than 21 days

Even though the Internal Revenue Service issues most refunds in ...
Read More

Feb 1 2022

Taxpayers beware: Tax season is prime time for phone scams

The IRS reminds taxpayers to be aware that criminals continue ...
Read More

Feb 1 2022

Important mailings to watch for

Taxpayers to who received either the Advanced Child Tax Credit ...
Read More

Nov 30 2021

Gifting and Donating virtual currency

It is the season of giving, but what happens if ...
Read More

Nov 30 2021

IRS Reminds families to make online safety a priority

The Internal Revenue Service (IRS) reminds families, teens and senior ...
Read More

Nov 30 2021

Easy steps taxpayers can take now to make tax filing easier in 2022

Organized tax records can help ensure that the tax preparation ...
Read More

Sep 29 2021

Choosing and Identifying Cost Basis when units of Virtual Currency are sold

Individuals often own multiple kinds of virtual currency at the ...
Read More

Sep 28 2021

Understanding the tax responsibilities that come with starting a business

Small business owners have a variety of tax responsibilities. Understanding ...
Read More

Sep 25 2021

Retirement and taxes: Understanding IRAs

Individual Retirement Arrangements, or IRAs, provide tax incentives for people ...
Read More

Sep 24 2021

Cost of home testing for COVID-19 is eligible medical expense; reimbursable under FSAs, HSAs

The Internal Revenue Service reminds taxpayers today that the cost ...
Read More

Sep 22 2021

Homeownership and taxes: Things taxpayers should consider when selling a house

It’s important for taxpayers to understand how selling their home ...
Read More

Sep 15 2021

Financial safety: The often-forgotten piece of disaster preparedness

After a natural disaster, having access to personal financial, insurance, ...
Read More

Aug 25 2021

Buying and Selling with Virtual Currency

There are many services that can now be paid for ...
Read More

Aug 24 2021

Things people do during the summer that might affect their tax return next year

It's summertime and for many people, summertime means change. Whether ...
Read More

Aug 23 2021

IRS Reminder: Tax Scams continue year-round

Although the April filing deadline has passed scam artists remain ...
Read More

Jul 30 2021

Cost Basis in Virtual Currency

Much like other investments, knowing the cost basis of your ...
Read More

Jul 29 2021

IRS announces two new online tools to help families manage Child Tax Credit payments

The American Rescue plan increased the maximum Child Tax Credit ...
Read More

Jul 28 2021

The IRS is Hiring Thousands of New Tax Auditors

The Internal Revenue Service is hiring thousands of new auditors ...
Read More

Jul 9 2021

IRS Struggled to Answer Calls in the 2021 Tax Season

A recent article from Law 360 Tax Authority noted that ...
Read More

Jun 7 2021

What records do I need to maintain regarding my transactions in virtual currency?

Record keeping is an important part of any investment transaction. ...
Read More

Jun 7 2021

Tips to Help You Figure Out if Your Gift is Taxable

If you've given money or property to someone as a ...
Read More

Jun 7 2021

Where’s my third economic impact payment?

The third round of economic impact payments are being sent ...
Read More

Apr 5 2021

Are cryptocurrency purchases made in USD reportable to the IRS?

Many taxpayers have noticed a new question Form 1040 asking ...
Read More

Apr 5 2021

Third Round of Economic Impact Payments

With the recent approval of the American Rescue Plan Act, ...
Read More

Apr 5 2021

Extended Federal Filling and Payment Deadlines

On March 17, 2021, the Treasury Department and Internal Revenue ...
Read More

Nov 16 2020

How the CARES Act changes deducting charitable contributions

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid ...
Read More

Nov 16 2020

Security Summit partners warn taxpayers of new COVID-related text scam

The Internal Revenue Service, state tax agencies and the tax ...
Read More

Nov 2 2020

Six tips for people starting a new business

Understanding the tax responsibilities that come with starting a business ...
Read More

Nov 2 2020

Check tax withholdings now as the last quarter of 2020 begins

With the last quarter of 2020 just beginning, the IRS ...
Read More

Nov 2 2020

Have tax withheld from unemployment now to avoid a tax-time surprise later

2020 has been a unique year that has brought many ...
Read More

Nov 2 2020

Terms to help taxpayers better understand Individual Retirement Arrangements

IRA, Roth IRA, Simple IRA, Contribution, Distribution – when considering ...
Read More

Sep 3 2020

Earning a side income: Is it a hobby or a business?

Whether it’s something you’ve been doing for years or something ...
Read More

Sep 3 2020

Home Office deduction: What taxpayers need to know

The home office deduction allows qualifying taxpayers to deduct certain home ...
Read More

Sep 3 2020

Paycheck Protection Program Loan Forgiveness

The Paycheck Protection Program (PPP) is a loan designed to ...
Read More

Sep 3 2020

A letter from the IRS? What taxpayers need to know if they receive a notice from the IRS

According to the Internal Revenue Service (IRS), they mail letter ...
Read More

Jul 31 2020

Don’t Forget, Social Security benefits may be taxable

The IRS reminds taxpayers receiving Social Security benefits that they ...
Read More

Jul 31 2020

Where’s My Refund?

The IRS reminds taxpayers that one of the best ways ...
Read More

Jul 31 2020

Major Changes to Retirement Plans Due to COVID-19

In the recent update, the IRS reminds Qualified individuals affected ...
Read More

Jul 30 2020

Gig Economy tips taxpayers should remember

The gig economy, also called the sharing or access economy, ...
Read More

Jan 30 2020

TOP 10 THINGS EXPATS RESIDING OUTSIDE THE U.S. NEED TO KNOW

1. Expats still have to file in the US           The US tax ...
Read More

Jan 30 2020

TOP 5 THINGS US CITIZENS HOLDING FOREIGN COMPANIES NEED TO BE AWARE OF

1. Foreign entity reporting Depending on the type of entity (trust, ...
Read More

Jan 30 2020

TOP 10 THINGS FILERS NEED TO KNOW ABOUT THE FOREIGN BANK ACCOUNT REPORTING (FBAR)

1. Nonresident filers do not need to file Only filers ...
Read More

Feb 5 2020

AVOIDING IDENTITY THEFT

Earlier this week the IRS launched Identity Theft Central. This ...
Read More

Feb 7 2020

FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 RULES (“FIRPTA”)

The United States has one of the most active real ...
Read More

Feb 11 2020

LAST MINUTE TAX EXTENDERS

Many of the tax provisions below were set to expire ...
Read More

Feb 13 2020

PASSIVE FOREIGN INVESTMENT COMPANIES (“PFICS”)

United States citizens and tax residents are discouraged from investing ...
Read More

Feb 20 2020

GLOBAL INTANGIBLE LOW-TAXED INCOME INCLUSION (“GILTI”)

The Tax Cuts and Jobs Act of 2017 ("TCJA") brought ...
Read More

Feb 21 2020

US TAXATION OF NONRESIDENTS

The United States has one of the most complex tax ...
Read More

Feb 27 2020

MECHANISMS FOR RELIEF OF DOUBLE TAXATION

Double taxation is defined as the levying of tax by ...
Read More

Feb 28 2020

FOREIGN ACCOUNT TAX COMPLIANCE ACT – FATCA

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, ...
Read More

Mar 12 2020

FOREIGN BANK AND FINANCIAL ACCOUNTING REPORTING (FBAR)

The Bank Secrecy Act of 1970 equipped the U.S. Treasury ...
Read More

Mar 13 2020

NON-RESIDENT ALIEN TAX RETURN

If you are not a citizen of the US, specific ...
Read More

Apr 9 2020

ISRAEL’S BANK HAPOALIM OFFERS TO SETTLE WITH U.S

On March 23, 2020 taxnotes.com reported that Israel’s largest financial institution, Bank ...
Read More

Apr 17 2020

BE AWARE OF SCAMS

While the tax filing deadline may have been extended, scammers ...
Read More

Apr 21 2020

PEOPLE FIRST INITIATIVE

To help taxpayers facing challenges due to COVID-19, the Internal ...
Read More

May 1 2020

AM I ELIGIBLE FOR THE STIMULUS PAYMENT IF I AM LIVING ABROAD?

With clients around the world, we have had many questions ...
Read More

May 1 2020

ADDITIONAL FUNDING ANNOUNCED

On April 27, 2020 the Small Business Association (SBA) will ...
Read More

May 12 2020

BANK HAPOALIM TO PAY IRS $874-MILLION

According to Law 360’s April 30, 2020 article, Israel’s largest bank, Bank ...
Read More

May 12 2020

WHAT ABOUT MY RETIREMENT ACCOUNT?

Section 2202 of the Coronavirus Aid, Relief, and Economic Security ...
Read More

Jun 2 2020

WHERE’S MY REFUND?

The IRS issues more than 9 out of 10 refunds ...
Read More

Jun 2 2020

ECONOMIC IMPACT PAYMENTS INFORMATION

The IRS has reported that millions of Americans have already received their ...
Read More

Jun 22 2020

IS IT REALLY THE IRS CALLING?

Crooks impersonating the IRS either by phone, email or in ...
Read More

Jun 22 2020

WHO QUALIFIES A TAXPAYER FOR THE CHILD AND DEPENDENT CARE CREDIT?

Childcare or adult dependent care can be a major expense. ...
Read More

Jun 22 2020

IRS WARNS AGAINST COVID-19 FRAUD

The Internal Revenue Service (IRS) continues to remind taxpayers to guard against ...
Read More

Jun 22 2020

REMINDER: IRS DEADLINE POSTPONED TO JULY 15 FOR THOSE WHO PAY ESTIMATED TAXES

The Internal Revenue Service reminds taxpayers that estimated tax payments for ...
Read More

Jun 22 2020

PASSING ON WEALTH TO HEIRS

Giving away assets during your life time can help reduce ...
Read More