2024 Filing Season Update
The IRS will begin accepting individual tax returns on January 29th. If you are looking to file your return as early as possible, there are a few things to remember:
Upcoming Tax Deadlines
Now that the end of the year has passed it’s important to focus on the upcoming tax deadlines.
Year-End Tax Tips for Gamblers
As the end of the year approaches, it is important to revisit your 2023 gambling activity and determine if there are any additional tax strategies available to reduce your tax liability.
Are GoFundMe Donations Deductible?
The IRS allows an income tax deduction for charitable contributions to qualified organizations. You must itemize to take advantage of the deduction
2023: Year of the Identity Protection Pin
The last few months have seen multiple threats to taxpayer’s personal data. First, Congress announced that H&R Block, TaxAct and TaxSlayer shared sensitive
FBARs Due October 16
We are almost a month away from the October 16th extension deadline. While this is mostly acknowledged as the extended
Security Breaches: What to Know About Your Sensitive Data
A congressional report released earlier this summer confirmed H&R Block, TaxAct and TaxSlayer shared sensitive taxpayer data with Meta and Google.
What’s the Easiest Way to Pay Your Tax?
Although it’s been almost two months since the April 18th deadline, I know there are many people who have yet to pay the tax owed
IRS v. “Professional” Video Poker Players
The U.S. Tax Court recently released a ruling against a Nevada couple, claiming the substantiation they provided was insufficient to deem
IRS Processing Times Improve; Automated Notices Returning
Six months ago, the IRS was facing record-long processing times and it was nearly impossible to speak to an IRS representative on the phone.
New York Gambling Expansion & Tax Concerns
The New York online sports betting market launched in January 2021 and quickly became the largest revenue-generating state in the country.
2023 Filing Season Updates
As the 2023 filing season gets into full swing, let’s discuss a few updates from the IRS:
Gambling Tax: 2023 Tips to File Your Winnings and Losses
To help players with their 2022 tax returns, I wrote an article for Cardplayer Lifestyle outlining some tips and considerations before filing your return.
IRS Expands Installment Agreement Options
If you are unable to pay the balance of tax owed when filing your tax return, the IRS provides a number of payment options.
Updated IRS Guidance on Donated and Worthless Crypto
If you are thinking about making a charitable contribution, or trying to determine the impact of worthless digital assets, the IRS released a new memo
2022 IRS Audit Rate and 2023 IRS Outlook
Last week we covered the current state of the IRS and the improved tax return backlog. We now have additional insights into those tax returns filed in 2022.