Posts Tagged ‘Individual’

Reporting Requirement Thresholds: Contribution: Less than $250 Cash One of the following: 1) Bank record with organization’s name, date, and amount of contribution. Bank records may include canceled check, bank statement, or credit card statement.2) Receipt (includes email) showing organization’s name, date, and amount of contribution.3) Payroll deduction record. Non- cash All of the following:…

 There are many services that can now be paid for with virtual currency, so it is important to understand the tax implication of buying and selling in cryptocurrency. The IRS has put together a list of frequently asked questions on the topic. Do I have income if I provide someone with a service and that person…

 A taxpayer’s filing status generally depends on their being married or unmarried on the last day of the year – which means that a taxpayer’s marital status as of Dec. 31, 2024, determines their tax filing options for all of 2024. For filing purposes, the IRS generally considers taxpayers as married if they are separated but not legally separated…

 The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster area and they sustained an economic loss…

 The IRS explains that virtual currency is treated as property for Federal income tax purposes and provides examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.  With the rise of virtual currency, many taxpayers wonder what is virtual currency and what impact does it have on their taxes? The IRS…

 Taxpayers should be aware of gift card scams and take steps to protect themselves. Scammers may target taxpayers by asking them to pay a fake tax bill with gift cards. People should remember that the IRS never asks for or accepts gift cards as payment for a tax bill. The IRS doesn’t initiate contact with taxpayers by email,…

 As tax filing season approaches, the IRS Get Ready campaign reminds taxpayers of simple steps they can take now to get ready to file their 2024 federal tax returns. As the IRS continues its digital transformation, it’s making filing easier for taxpayers by providing new online tools as well as expanding and updating other digital tools.…

If you placed in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you information about your vehicle’s qualifications. Sellers must also register online and report the same information to the…

The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structure The form of business determines which income tax…

It is the season of giving, but what happens if you are gifted or make a charitable donation in virtual currency? The IRS has prepared several frequently asked questions to help taxpayers understand gifts and charitable contributions in virtual currencies. I received virtual currency as a bona fide gift.  Do I have income? No.  If you receive…