Tag: Federal

  • Hold Your Horses (Taxes)

    Hold Your Horses (Taxes)

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    by

    Zhoudi Tang, CPA
    in

    You might want to hold off on rushing to file your taxes for now. Congressional leaders are close to a $70 billion bipartisan deal. Included in this deal is a focus on expanding the child tax credit and providing tax breaks for businesses until 2025. The target completion date for the deal is Jan. 29,…

  • Business Expenses

    Business Expenses

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    by

    Zhoudi Tang, CPA
    in

    Travel Expense Purpose Travel Expense Expense Related to Business Primarily for Business Activities Yes Yes Primarily for Personal Activities No Yes Determining Primarily for Business or Personal The amount of time the taxpayer spends on personal activities compared to the time spent on business activities is an important factor to determine if a trip is…

  • Corporate Transparency Act

    Corporate Transparency Act

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    by

    Zhoudi Tang, CPA
    in

    What is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or…

  • IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers

    IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers

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    by

    Zhoudi Tang, CPA
    in

    For people that have been enjoying trading digital assets, there are some unfortunate news in the horizon. The IRS has unveiled draft regulations mandating that brokers report transactions involving digital assets carried out by their clients. (Introduction to Proposed Regulation REG-122793-19; IRS Announcement 2023-153) These proposed regulations address various issues related to digital assets such…