December 13, 2016
Salvatore Russo
Blog Posts
0 CommentsFAQ: How is virtual currency taxed? Virtual currency – often referred to as ‘bitcoin” — is a mystery for many people but an everyday currency for others. As virtual currency grows in popularity, questions arise about its taxation. The IRS treats virtual currency as property and not as currency. This means that general tax principles […]
Read moreDecember 13, 2016Salvatore RussoBlog Posts0 CommentsHow do I? Figure the child care credit Child care can undoubtedly prove to be a costly expense for any taxpayer. In some instances, taxpayers must weigh whether the cost of child care is a deterrent to returning, or, in some cases, entering the workforce. Although the IRS may not be able to control market […]
Read moreDecember 13, 2016Salvatore RussoBlog Posts0 CommentsDecember 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2016. December 2 Employers. Semi-weekly depositors must deposit employment […]
Read moreNovember 14, 2016Salvatore RussoBlog Posts0 CommentsCongress returns for year-end tax legislation push Year-end 2016 is expected to bring a rush of tax-related legislation in Congress. Lawmakers will be up against a December 31 deadline to renew some expiring tax incentives and possibly pass new tax breaks for individuals and businesses. The year may end with what is often called a […]
Read moreOctober 11, 2016Salvatore RussoBlog Posts0 CommentsA first look at 2017 inflation-adjusted tax amounts now available An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and […]
Read moreAugust 12, 2016Salvatore RussoBlog Posts0 CommentsCrowdfunding: a new resource with developing tax rules IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes […]
Read moreJuly 19, 2016Salvatore RussoBlog Posts0 CommentsFAQ: How does the suspension of the ACA medical device excise tax impact compliance? The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of […]
Read moreJuly 19, 2016Salvatore RussoBlog Posts0 CommentsRecent tax changes reflected in new IRS statistics The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The data for 2014 reveal a corresponding increase […]
Read moreJuly 19, 2016Salvatore RussoBlog Posts0 CommentsIRS offers guidance on taxation of phased retirement payments Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the […]
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