IRS to begin contacting holders of virtual currency about taxes

Holders of virtual currency such as Bitcoin can expect to receive notices from the IRS within the next month advising them of their tax and filing obligations and how, if necessary, to correct past errors. Virtual currency is treated as property for U.S. federal tax purposes. Consequently, the general tax principles that apply to property […]

IRS responds to small business owners’ requests for higher capital expense deductions

Small business owners can now deduct more capital expenses, thanks to a new Internal Revenue Service decision to raise the tangible property expensing threshold. The IRS raised the safe harbor threshold for deducing certain capital items for small businesses – those that do not require an audited financial statement – from $500 to $2,500. The […]

Don’t double your trouble with duplicate W-2s

Soon after the boughs of holly have been removed from the halls and the last strains of “Auld Lang Syne” have played after the New Year, taxpayers will turn their attention to the more sober business of preparing for the upcoming tax season. This means they will be looking in the mail for their W-2s. […]