Tax Corner | Blog

Cryptocurrency traders are going to face more reporting under Biden’s Infrastructure Bill as the government eyes the digital currency. Persons who regularly execute transfers of digital assets such as bitcoin, ether and NFTs will needs to report those transactions to the IRS, as well as reporting any digital asset transaction over $10,000. If this rule

Tax brackets will be higher in 2022 because of inflation. As compared to 2021 filing season, most tax bracket cut-off points have increased about 3%. These changes will apply to the tax returns that are filed in 2023 so they will not impact the upcoming tax filing season. It is expected that the standard deduction

House democrats have proposed increasing the State and Local Income Tax deduction (SALT) to $72,500 through 2031. This is a very aggressive proposal given the Tax Cut Jobs Act capped SALT at $10,000 and impacted many states with high income taxes notably New York and California. While this may not ultimately survive, it may be

Part of President Biden’s “Build Back Better” proposal includes increasing the EV tax credit from $7,500 to $12,500. The current program caps the $7,500 tax credit to 200,000 electric vehicles per manufacturer. The updated proposal is also looking at changing it from a tax credit to an incentive that can be utilized even if a tax

Democrats are trying to find ways to fund new social program initiatives. One of the ways is through a proposal requiring banks to report additional information from taxpayers as a way to find additional taxes from unidentified income. What exactly do the Democrats want the banks to report to the IRS? The sum of deposits

Today, qualifying families with children should have seen a deposit from the treasury for the advanced child care credit. This money is not free money that won’t be accounted for during tax season and in fact is just an advance of the child tax credit that most families claim as a credit against taxes owed.