News & Tips - Augustedge, PLLC

Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

Article Highlights: IRS Compliance Campaign New Reporting Requirement for Crypto Exchanges Form W-9 Form 1099-B Cryptocurrency as Property Digital Assets Definition Transfer Reporting Cash Transaction Reporting 1040 Crypto Question Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The IRS' efforts have included outreach to taxpayers through [...]

By Augustedge Staff|2022-01-04T19:20:07+00:00January 7, 2022|Taxes|Comments Off

Retroactive Termination of the Employee Retention Credit

Article Highlights: Employee Retention Credit Infrastructure Investment and Jobs Act Retroactive Repeal of 4th Quarter Employee Retention Credit Advance Payments 4th Quarter Employment Tax Deposits Failure to Deposit Penalties If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, you better read this about a retroactive change affecting the credit for the fourth quarter of 2021. Background The ERC was [...]

By Augustedge Staff|2022-01-04T19:01:29+00:00January 6, 2022|Taxes|Comments Off

The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate?

In September of 2021, the Congressional Budget Office announced a proposal to increase funding for the Internal Revenue Service by as much as $80 billion over the next ten years. The argument is that doing so would ultimately increase the revenue the organization is able to generate by as much as $200 billion over the next decade. A significant portion of the new money [...]

By Augustedge Staff|2022-01-04T19:01:35+00:00January 5, 2022|Taxes|Comments Off

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