Subscribe!
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 ...
Read More 
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 ...
Read More 
Cyber Security Awareness
By Kaufman Accounting |
Cybersecurity Awareness Month, conducted every October, is a collaboration between ...
Read More 
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 ...
Read More 
Some things to know about crowdfunding and taxes
By Kaufman Accounting |
Crowdfunding is a popular way to raise money online. People ...
Read More 
What you need to know if you are donating virtual currency
By Kaufman Accounting |
As we head into the last few months of the ...
Read More 
Virtual Currency Trades and Forks
By Kaufman Accounting |
The IRS has compiled a list of several Frequently Asked ...
Read More 
IRA’s are one tool in the retirement planning toolbox
By Kaufman Accounting |
There are many ways people plan for retirement. Individual Retirement Arrangements, ...
Read More 
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 ...
Read More 
Determining basis when you have been paid in virtual currency
By Kaufman Accounting |
If you have been paid for services in virtual currency, ...
Read More 
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 ...
Read More 
When the lemonade stand makes bank: Young entrepreneurs and taxes
By Kaufman Accounting |
Teens and young adults often go into business for themselves ...
Read More 
Accepting virtual currency as payment
By Kaufman Accounting |
As virtual currency gains acceptance, more people are paying for ...
Read More 
Preparing for a Natural Disaster
By Kaufman Accounting |
In 2021, the Federal Emergency Management Agency (FEMA) declared major ...
Read More 
School is out for summer, but tax planning is year round
By Kaufman Accounting |
Now that the April filing deadline has passed, most people ...
Read More 
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 ...
Read More 
Money received through ‘crowdfunding’ may be taxable
By Kaufman Accounting |
With the increasing popularity of crowdfunding, the IRS reminds taxpayers ...
Read More 
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 ...
Read More 
Taxpayers beware: Tax season is prime time for phone scams
By Kaufman Accounting |
The IRS reminds taxpayers to be aware that criminals continue ...
Read More 
Important mailings to watch for
By Kaufman Accounting |
Taxpayers to who received either the Advanced Child Tax Credit ...
Read More 
Gifting and Donating virtual currency
By Kaufman Accounting |
It is the season of giving, but what happens if ...
Read More 
IRS Reminds families to make online safety a priority
By Kaufman Accounting |
The Internal Revenue Service (IRS) reminds families, teens and senior ...
Read More 
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 ...
Read More 
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 ...
Read More 
Understanding the tax responsibilities that come with starting a business
By Kaufman Accounting |
Small business owners have a variety of tax responsibilities. Understanding ...
Read More 
Retirement and taxes: Understanding IRAs
By Kaufman Accounting |
Individual Retirement Arrangements, or IRAs, provide tax incentives for people ...
Read More 
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 ...
Read More 
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 ...
Read More 
Financial safety: The often-forgotten piece of disaster preparedness
By Kaufman Accounting |
After a natural disaster, having access to personal financial, insurance, ...
Read More 
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 ...
Read More 
Cost Basis in Virtual Currency
By Kaufman Accounting |
Much like other investments, knowing the cost basis of your ...
Read More 
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 ...
Read More 
The IRS is Hiring Thousands of New Tax Auditors
By Kaufman Accounting |
The Internal Revenue Service is hiring thousands of new auditors ...
Read More 
IRS Struggled to Answer Calls in the 2021 Tax Season
By Kaufman Accounting |
A recent article from Law 360 Tax Authority noted that ...
Read More 
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 ...
Read More 
Where’s my third economic impact payment?
By Kaufman Accounting |
The third round of economic impact payments are being sent ...
Read More 
Are cryptocurrency purchases made in USD reportable to the IRS?
By Kaufman Accounting |
Many taxpayers have noticed a new question Form 1040 asking ...
Read More 
Third Round of Economic Impact Payments
By Kaufman Accounting |
With the recent approval of the American Rescue Plan Act, ...
Read More 
Extended Federal Filling and Payment Deadlines
By Kaufman Accounting |
On March 17, 2021, the Treasury Department and Internal Revenue ...
Read More 
How the CARES Act changes deducting charitable contributions
By Kaufman Accounting |
Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid ...
Read More 
Security Summit partners warn taxpayers of new COVID-related text scam
By Kaufman Accounting |
The Internal Revenue Service, state tax agencies and the tax ...
Read More 
Six tips for people starting a new business
By Kaufman Accounting |
Understanding the tax responsibilities that come with starting a business ...
Read More 
Check tax withholdings now as the last quarter of 2020 begins
By Kaufman Accounting |
With the last quarter of 2020 just beginning, the IRS ...
Read More 
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 ...
Read More 
Terms to help taxpayers better understand Individual Retirement Arrangements
By Kaufman Accounting |
IRA, Roth IRA, Simple IRA, Contribution, Distribution – when considering ...
Read More 
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 ...
Read More 
Home Office deduction: What taxpayers need to know
By Kaufman Accounting |
The home office deduction allows qualifying taxpayers to deduct certain home ...
Read More 
Paycheck Protection Program Loan Forgiveness
By Kaufman Accounting |
The Paycheck Protection Program (PPP) is a loan designed to ...
Read More 
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 ...
Read More 
Don’t Forget, Social Security benefits may be taxable
By Kaufman Accounting |
The IRS reminds taxpayers receiving Social Security benefits that they ...
Read More 
Where’s My Refund?
By Kaufman Accounting |
The IRS reminds taxpayers that one of the best ways ...
Read More 
Major Changes to Retirement Plans Due to COVID-19
By Kaufman Accounting |
In the recent update, the IRS reminds Qualified individuals affected ...
Read More 
Gig Economy tips taxpayers should remember
By Kaufman Accounting |
The gig economy, also called the sharing or access economy, ...
Read More 
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 ...
Read More 
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, ...
Read More 
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 ...
Read More 
AVOIDING IDENTITY THEFT
By Kaufman Accounting |
Earlier this week the IRS launched Identity Theft Central. This ...
Read More 
FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 RULES (“FIRPTA”)
By Kaufman Accounting |
The United States has one of the most active real ...
Read More 
LAST MINUTE TAX EXTENDERS
By Kaufman Accounting |
Many of the tax provisions below were set to expire ...
Read More 
PASSIVE FOREIGN INVESTMENT COMPANIES (“PFICS”)
By Kaufman Accounting |
United States citizens and tax residents are discouraged from investing ...
Read More 
GLOBAL INTANGIBLE LOW-TAXED INCOME INCLUSION (“GILTI”)
By Kaufman Accounting |
The Tax Cuts and Jobs Act of 2017 ("TCJA") brought ...
Read More 
US TAXATION OF NONRESIDENTS
By Kaufman Accounting |
The United States has one of the most complex tax ...
Read More 
MECHANISMS FOR RELIEF OF DOUBLE TAXATION
By Kaufman Accounting |
Double taxation is defined as the levying of tax by ...
Read More 
FOREIGN ACCOUNT TAX COMPLIANCE ACT – FATCA
By Kaufman Accounting |
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, ...
Read More 
FOREIGN BANK AND FINANCIAL ACCOUNTING REPORTING (FBAR)
By Kaufman Accounting |
The Bank Secrecy Act of 1970 equipped the U.S. Treasury ...
Read More 
NON-RESIDENT ALIEN TAX RETURN
By Kaufman Accounting |
If you are not a citizen of the US, specific ...
Read More 
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 ...
Read More 
BE AWARE OF SCAMS
By Kaufman Accounting |
While the tax filing deadline may have been extended, scammers ...
Read More 
PEOPLE FIRST INITIATIVE
By Kaufman Accounting |
To help taxpayers facing challenges due to COVID-19, the Internal ...
Read More 
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 ...
Read More 
ADDITIONAL FUNDING ANNOUNCED
By Kaufman Accounting |
On April 27, 2020 the Small Business Association (SBA) will ...
Read More 
BANK HAPOALIM TO PAY IRS $874-MILLION
By Kaufman Accounting |
According to Law 360’s April 30, 2020 article, Israel’s largest bank, Bank ...
Read More 
WHAT ABOUT MY RETIREMENT ACCOUNT?
By Kaufman Accounting |
Section 2202 of the Coronavirus Aid, Relief, and Economic Security ...
Read More 
WHERE’S MY REFUND?
By Kaufman Accounting |
The IRS issues more than 9 out of 10 refunds ...
Read More 
ECONOMIC IMPACT PAYMENTS INFORMATION
By Kaufman Accounting |
The IRS has reported that millions of Americans have already received their ...
Read More 
IS IT REALLY THE IRS CALLING?
By Kaufman Accounting |
Crooks impersonating the IRS either by phone, email or in ...
Read More 
WHO QUALIFIES A TAXPAYER FOR THE CHILD AND DEPENDENT CARE CREDIT?
By Kaufman Accounting |
Childcare or adult dependent care can be a major expense. ...
Read More 
IRS WARNS AGAINST COVID-19 FRAUD
By Kaufman Accounting |
The Internal Revenue Service (IRS) continues to remind taxpayers to guard against ...
Read More 
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 ...
Read More 
PASSING ON WEALTH TO HEIRS
By Kaufman Accounting |
Giving away assets during your life time can help reduce ...
Read More