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What records do I need to maintain regarding my transactions in virtual currency?
By Kaufman Accounting |
Record keeping is an important part of any investment transaction. ...
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Estimated Taxes
By Kaufman Accounting |
The federal income tax is a pay-as-you-go tax. You must ...
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Record Keeping Requirements for Charitable Contributions
By Kaufman Accounting |
Reporting Requirement Thresholds: $501 or greater amount. Cash. Do not ...
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Buying and Selling with Virtual Currency
By Kaufman Accounting |
There are many services that can now be paid for ...
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Essential tax tips for marriage status changes
By Kaufman Accounting |
A taxpayer’s filing status generally depends on their being married or unmarried ...
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Access retirement funds in a disaster
By Kaufman Accounting |
The SECURE 2.0 Act makes it easier for qualified individuals ...
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What is virtual currency?
By Kaufman Accounting |
The IRS explains that virtual currency is treated as property ...
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How taxpayers can protect themselves from gift card scams
By Kaufman Accounting |
Taxpayers should be aware of gift card scams and take ...
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Get ready for tax filing season 2025
By Kaufman Accounting |
As tax filing season approaches, the IRS Get Ready campaign ...
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Credits for new clean vehicles purchased in 2023 or after
By Kaufman Accounting |
If you placed in service a new plug-in electric vehicle ...
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What people need to know when starting a business
By Kaufman Accounting |
The IRS knows that understanding and meeting tax obligations is ...
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Gifting and Donating Virtual Currency
By Kaufman Accounting |
It is the season of giving, but what happens if ...
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Digital assets
By Kaufman Accounting |
You may have to report transactions with digital assets such ...
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Tax benefits for businesses that accommodate people with disabilities
By Kaufman Accounting |
Businesses that make structural adaptations or other accommodations for employees ...
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Changes coming to the 2024 tax rules
By Kaufman Accounting |
For tax year 2024, participants who have self-only coverage in ...
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Cybersecurity Awareness
By Kaufman Accounting |
Cybersecurity Awareness Month, conducted every October, is a collaboration between ...
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Employer-offered educational assistance programs can help pay for college
By Kaufman Accounting |
An educational assistance program is an employer’s written plan to provide ...
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What taxpayers should do if they get an identity theft letter from the IRS
By Kaufman Accounting |
With identity theft on the rise, the IRS wants taxpayers to understand ...
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Determining basis when you have been paid in virtual currency
By Kaufman Accounting |
If you have been paid for services in virtual currency, ...
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Disaster tax relief information and resources on IRS.gov
By Kaufman Accounting |
IRS.gov has information disaster victims may need, including information about ...
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Energy efficient home improvements could help people reduce energy bills and taxes
By Kaufman Accounting |
Homeowners who make improvements like replacing old doors and windows, ...
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Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets
By Kaufman Accounting |
The Internal Revenue Service reminds taxpayers they’re generally required to ...
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Hobby or business: What people need to know if they have a side hustle
By Kaufman Accounting |
Hobbies and businesses are treated differently when it comes to ...
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Newlyweds tax checklist
By Kaufman Accounting |
Summer wedding season has arrived, and newlyweds can make their ...
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What records do I need to maintain regarding my transactions in virtual currency?
By Kaufman Accounting |
Record keeping is an important part of any investment transaction. ...
Read More 
Taxpayers and tax pros: Beware of these common tax scams
By Kaufman Accounting |
Taxpayers and tax professionals should remain alert and aware of ...
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Debunking common myths about federal tax refunds
By Kaufman Accounting |
Once people complete and file their tax return, many of ...
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Tips to help taxpayers make sure their donations go to legitimate charities
By Kaufman Accounting |
When disaster strikes, Americans can always be counted on to ...
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Individual retirement accounts can be important tools in retirement planning
By Kaufman Accounting |
It is never too early to begin planning for retirement. Individual ...
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Cyber Security Awareness
By Kaufman Accounting |
Cybersecurity Awareness Month, conducted every October, is a collaboration between ...
Read More 
Buying and Selling with Virtual Currency
By Kaufman Accounting |
There are many services that can now be paid for ...
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Business travelers should check out these deductions before hitting the road
By Kaufman Accounting |
Many people travel for their job - some for an ...
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Tax tips for new parents
By Kaufman Accounting |
Kids are expensive. Whether someone just brought a bundle of ...
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What is virtual currency?
By Kaufman Accounting |
The IRS explains that virtual currency is treated as property ...
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Tax to-dos for newlyweds to keep in mind
By Kaufman Accounting |
Anyone saying "I do" this summer should review a few ...
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Summertime activities that might affect people’s tax return next year
By Kaufman Accounting |
For many people, summertime means change. Whether it's a life ...
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Digital Assets
By Kaufman Accounting |
Digital assets are broadly defined as any digital representation of ...
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What employees need to know about income tax withholding
By Kaufman Accounting |
Whether someone is entering the workforce for the first time ...
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Tax considerations when selling a home
By Kaufman Accounting |
Many people move during the summer. Taxpayers who are selling ...
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Determining basis when you have been paid in virtual currency
By Kaufman Accounting |
If you have been paid for services in virtual currency, ...
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Hobby or business: here’s what to know about that side hustle
By Kaufman Accounting |
Sometimes the line between having a hobby and running a ...
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IRS offers tips on preparedness and how to protect personal information during natural disasters
By Kaufman Accounting |
So far in 2023, the Federal Emergency Management Agency (FEMA) ...
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IRS Proposes New Guidance Around NFT Classification That Would Increase Taxes
By Kaufman Accounting |
As reported by Blockworks in their March 23, 2023 publication, ...
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Proposed regulations related to the new clean vehicle critical mineral and battery components go into effect April 18
By Kaufman Accounting |
The Internal Revenue Service published proposed regulations recently in the ...
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Taxpayers should learn about these common tax scams
By Kaufman Accounting |
While scammers work hard during tax season to try to ...
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What records do I need to maintain regarding my transactions in Virtual Currency?
By Kaufman Accounting |
Record keeping is an important part of any investment transaction. ...
Read More 
Tax tips for gig economy entrepreneurs and workers
By Kaufman Accounting |
In recent years, the gig economy has changed how people ...
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Taxpayers should hang up if tax season scammers come calling
By Kaufman Accounting |
The tax filing season is a popular time for scammers ...
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Choosing and Identifying Cost Basis when units of Virtual Currency are sold
By Kaufman Accounting |
Often, these units are acquired at different times with different ...
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401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
By Kaufman Accounting |
The Internal Revenue Service announced recently that the amount individuals ...
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Cyber Security Awareness
By Kaufman Accounting |
Cybersecurity Awareness Month, conducted every October, is a collaboration between ...
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Understanding how the IRS contacts taxpayers; Avoiding scams and how to know it’s really the IRS reaching out
By Kaufman Accounting |
With continuing phone and in-person scams taking place across the ...
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Some things to know about crowdfunding and taxes
By Kaufman Accounting |
Crowdfunding is a popular way to raise money online. People ...
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What you need to know if you are donating virtual currency
By Kaufman Accounting |
As we head into the last few months of the ...
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Virtual Currency Trades and Forks
By Kaufman Accounting |
The IRS has compiled a list of several Frequently Asked ...
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IRA’s are one tool in the retirement planning toolbox
By Kaufman Accounting |
There are many ways people plan for retirement. Individual Retirement Arrangements, ...
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People should know if their pastime is a hobby or a business
By Kaufman Accounting |
From collecting stamps and woodworking to crafting and quilting, people ...
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Determining basis when you have been paid in virtual currency
By Kaufman Accounting |
If you have been paid for services in virtual currency, ...
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Scammers use every trick in their communication arsenal to steal your identity, personal financial information, money and more
By Kaufman Accounting |
The Internal Revenue Service recently noted the 5th item on ...
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When the lemonade stand makes bank: Young entrepreneurs and taxes
By Kaufman Accounting |
Teens and young adults often go into business for themselves ...
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Accepting virtual currency as payment
By Kaufman Accounting |
As virtual currency gains acceptance, more people are paying for ...
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Preparing for a Natural Disaster
By Kaufman Accounting |
In 2021, the Federal Emergency Management Agency (FEMA) declared major ...
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School is out for summer, but tax planning is year round
By Kaufman Accounting |
Now that the April filing deadline has passed, most people ...
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What is virtual currency?
By Kaufman Accounting |
The IRS explains that virtual currency is treated as property ...
Read More 
What taxpayers should do if they get an identity theft letter from the IRS
By Kaufman Accounting |
With identity theft on the rise, the IRS wants taxpayers ...
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Money received through ‘crowdfunding’ may be taxable
By Kaufman Accounting |
With the increasing popularity of crowdfunding, the IRS reminds taxpayers ...
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Reasons why some tax refunds filed electronically take longer than 21 days
By Kaufman Accounting |
Even though the Internal Revenue Service issues most refunds in ...
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Taxpayers beware: Tax season is prime time for phone scams
By Kaufman Accounting |
The IRS reminds taxpayers to be aware that criminals continue ...
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Important mailings to watch for
By Kaufman Accounting |
Taxpayers to who received either the Advanced Child Tax Credit ...
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Gifting and Donating virtual currency
By Kaufman Accounting |
It is the season of giving, but what happens if ...
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IRS Reminds families to make online safety a priority
By Kaufman Accounting |
The Internal Revenue Service (IRS) reminds families, teens and senior ...
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Easy steps taxpayers can take now to make tax filing easier in 2022
By Kaufman Accounting |
Organized tax records can help ensure that the tax preparation ...
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Choosing and Identifying Cost Basis when units of Virtual Currency are sold
By Kaufman Accounting |
Individuals often own multiple kinds of virtual currency at the ...
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Understanding the tax responsibilities that come with starting a business
By Kaufman Accounting |
Small business owners have a variety of tax responsibilities. Understanding ...
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Retirement and taxes: Understanding IRAs
By Kaufman Accounting |
Individual Retirement Arrangements, or IRAs, provide tax incentives for people ...
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Cost of home testing for COVID-19 is eligible medical expense; reimbursable under FSAs, HSAs
By Kaufman Accounting |
The Internal Revenue Service reminds taxpayers today that the cost ...
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Homeownership and taxes: Things taxpayers should consider when selling a house
By Kaufman Accounting |
It’s important for taxpayers to understand how selling their home ...
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Financial safety: The often-forgotten piece of disaster preparedness
By Kaufman Accounting |
After a natural disaster, having access to personal financial, insurance, ...
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Buying and Selling with Virtual Currency
By Kaufman Accounting |
There are many services that can now be paid for ...
Read More 
Things people do during the summer that might affect their tax return next year
By Kaufman Accounting |
It's summertime and for many people, summertime means change. Whether ...
Read More 
IRS Reminder: Tax Scams continue year-round
By Kaufman Accounting |
Although the April filing deadline has passed scam artists remain ...
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Cost Basis in Virtual Currency
By Kaufman Accounting |
Much like other investments, knowing the cost basis of your ...
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IRS announces two new online tools to help families manage Child Tax Credit payments
By Kaufman Accounting |
The American Rescue plan increased the maximum Child Tax Credit ...
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The IRS is Hiring Thousands of New Tax Auditors
By Kaufman Accounting |
The Internal Revenue Service is hiring thousands of new auditors ...
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IRS Struggled to Answer Calls in the 2021 Tax Season
By Kaufman Accounting |
A recent article from Law 360 Tax Authority noted that ...
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What records do I need to maintain regarding my transactions in virtual currency?
By Kaufman Accounting |
Record keeping is an important part of any investment transaction. ...
Read More 
Tips to Help You Figure Out if Your Gift is Taxable
By Kaufman Accounting |
If you've given money or property to someone as a ...
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Where’s my third economic impact payment?
By Kaufman Accounting |
The third round of economic impact payments are being sent ...
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Are cryptocurrency purchases made in USD reportable to the IRS?
By Kaufman Accounting |
Many taxpayers have noticed a new question Form 1040 asking ...
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Third Round of Economic Impact Payments
By Kaufman Accounting |
With the recent approval of the American Rescue Plan Act, ...
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Extended Federal Filling and Payment Deadlines
By Kaufman Accounting |
On March 17, 2021, the Treasury Department and Internal Revenue ...
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How the CARES Act changes deducting charitable contributions
By Kaufman Accounting |
Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid ...
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Security Summit partners warn taxpayers of new COVID-related text scam
By Kaufman Accounting |
The Internal Revenue Service, state tax agencies and the tax ...
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Six tips for people starting a new business
By Kaufman Accounting |
Understanding the tax responsibilities that come with starting a business ...
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Check tax withholdings now as the last quarter of 2020 begins
By Kaufman Accounting |
With the last quarter of 2020 just beginning, the IRS ...
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Have tax withheld from unemployment now to avoid a tax-time surprise later
By Kaufman Accounting |
2020 has been a unique year that has brought many ...
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Terms to help taxpayers better understand Individual Retirement Arrangements
By Kaufman Accounting |
IRA, Roth IRA, Simple IRA, Contribution, Distribution – when considering ...
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Earning a side income: Is it a hobby or a business?
By Kaufman Accounting |
Whether it’s something you’ve been doing for years or something ...
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Home Office deduction: What taxpayers need to know
By Kaufman Accounting |
The home office deduction allows qualifying taxpayers to deduct certain home ...
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Paycheck Protection Program Loan Forgiveness
By Kaufman Accounting |
The Paycheck Protection Program (PPP) is a loan designed to ...
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A letter from the IRS? What taxpayers need to know if they receive a notice from the IRS
By Kaufman Accounting |
According to the Internal Revenue Service (IRS), they mail letter ...
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Don’t Forget, Social Security benefits may be taxable
By Kaufman Accounting |
The IRS reminds taxpayers receiving Social Security benefits that they ...
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Where’s My Refund?
By Kaufman Accounting |
The IRS reminds taxpayers that one of the best ways ...
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Major Changes to Retirement Plans Due to COVID-19
By Kaufman Accounting |
In the recent update, the IRS reminds Qualified individuals affected ...
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Gig Economy tips taxpayers should remember
By Kaufman Accounting |
The gig economy, also called the sharing or access economy, ...
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TOP 10 THINGS EXPATS RESIDING OUTSIDE THE U.S. NEED TO KNOW
By Kaufman Accounting |
1. Expats still have to file in the US The US tax ...
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TOP 5 THINGS US CITIZENS HOLDING FOREIGN COMPANIES NEED TO BE AWARE OF
By Kaufman Accounting |
1. Foreign entity reporting Depending on the type of entity (trust, ...
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TOP 10 THINGS FILERS NEED TO KNOW ABOUT THE FOREIGN BANK ACCOUNT REPORTING (FBAR)
By Kaufman Accounting |
1. Nonresident filers do not need to file Only filers ...
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AVOIDING IDENTITY THEFT
By Kaufman Accounting |
Earlier this week the IRS launched Identity Theft Central. This ...
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FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 RULES (“FIRPTA”)
By Kaufman Accounting |
The United States has one of the most active real ...
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LAST MINUTE TAX EXTENDERS
By Kaufman Accounting |
Many of the tax provisions below were set to expire ...
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PASSIVE FOREIGN INVESTMENT COMPANIES (“PFICS”)
By Kaufman Accounting |
United States citizens and tax residents are discouraged from investing ...
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GLOBAL INTANGIBLE LOW-TAXED INCOME INCLUSION (“GILTI”)
By Kaufman Accounting |
The Tax Cuts and Jobs Act of 2017 ("TCJA") brought ...
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US TAXATION OF NONRESIDENTS
By Kaufman Accounting |
The United States has one of the most complex tax ...
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MECHANISMS FOR RELIEF OF DOUBLE TAXATION
By Kaufman Accounting |
Double taxation is defined as the levying of tax by ...
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FOREIGN ACCOUNT TAX COMPLIANCE ACT – FATCA
By Kaufman Accounting |
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, ...
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FOREIGN BANK AND FINANCIAL ACCOUNTING REPORTING (FBAR)
By Kaufman Accounting |
The Bank Secrecy Act of 1970 equipped the U.S. Treasury ...
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NON-RESIDENT ALIEN TAX RETURN
By Kaufman Accounting |
If you are not a citizen of the US, specific ...
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ISRAEL’S BANK HAPOALIM OFFERS TO SETTLE WITH U.S
By Kaufman Accounting |
On March 23, 2020 taxnotes.com reported that Israel’s largest financial institution, Bank ...
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BE AWARE OF SCAMS
By Kaufman Accounting |
While the tax filing deadline may have been extended, scammers ...
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PEOPLE FIRST INITIATIVE
By Kaufman Accounting |
To help taxpayers facing challenges due to COVID-19, the Internal ...
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AM I ELIGIBLE FOR THE STIMULUS PAYMENT IF I AM LIVING ABROAD?
By Kaufman Accounting |
With clients around the world, we have had many questions ...
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ADDITIONAL FUNDING ANNOUNCED
By Kaufman Accounting |
On April 27, 2020 the Small Business Association (SBA) will ...
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BANK HAPOALIM TO PAY IRS $874-MILLION
By Kaufman Accounting |
According to Law 360’s April 30, 2020 article, Israel’s largest bank, Bank ...
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WHAT ABOUT MY RETIREMENT ACCOUNT?
By Kaufman Accounting |
Section 2202 of the Coronavirus Aid, Relief, and Economic Security ...
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WHERE’S MY REFUND?
By Kaufman Accounting |
The IRS issues more than 9 out of 10 refunds ...
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ECONOMIC IMPACT PAYMENTS INFORMATION
By Kaufman Accounting |
The IRS has reported that millions of Americans have already received their ...
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IS IT REALLY THE IRS CALLING?
By Kaufman Accounting |
Crooks impersonating the IRS either by phone, email or in ...
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WHO QUALIFIES A TAXPAYER FOR THE CHILD AND DEPENDENT CARE CREDIT?
By Kaufman Accounting |
Childcare or adult dependent care can be a major expense. ...
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IRS WARNS AGAINST COVID-19 FRAUD
By Kaufman Accounting |
The Internal Revenue Service (IRS) continues to remind taxpayers to guard against ...
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REMINDER: IRS DEADLINE POSTPONED TO JULY 15 FOR THOSE WHO PAY ESTIMATED TAXES
By Kaufman Accounting |
The Internal Revenue Service reminds taxpayers that estimated tax payments for ...
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PASSING ON WEALTH TO HEIRS
By Kaufman Accounting |
Giving away assets during your life time can help reduce ...
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