Are nonfungible tokens the new Bitcoin?

Fungibility is the ability of an asset to be easily and readily interchanged for another like its kind. A $5 bill is fungible, whereas an owned home or a car is nonfungible. Due to the asset’s inability to be interchanged, it makes it one-of-a-kind, or unique. So, what are nonfungible tokens? Don’t miss: QR codes …

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QR codes make paying your tax bill a little easier

The Internal Revenue Service has added QR, or Quick Response, codes to some of the notices it sends taxpayers. Specifically, the codes are going on tax due notices. The goal, says the IRS, is to make it easier for taxpayers to deal with the notices. Recipients of the QR coded correspondence can use their smartphones …

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Potential tax issues with non-fungible tokens

The IRS gives guidance on virtual currency, however tax treatment of non-fungible tokens (NFTs) specifically has not been addressed. NFTs are considered to have a complete life cycle. It’s life cycle includes its creation, use, sale or exchange, contribution to a charity and total loss of value. How should tax professionals treat the gains, losses …

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IRS penalties to be aware of

When tax obligations are not met you as a taxpayer will owe a penalty to the IRS. A notice will be sent to you by mail detailing the penalty, reasons for the charge and the steps to proceed. There are different types of penalties for different violations. Here’s what you need to understand to avoid …

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Multistate Tax Commission updates online commerce tax protection interpretation

As brick and mortar stores fall to online commerce sites routinely doing business across state lines, the Multistate Tax Commission moved to update their interpretation of Public Law 86-272, the federal statute that limits a states’ ability to levy net income taxes on out of state businesses and shields companies whose only activity in the state …

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Are you still waiting for your tax refund?

Have you filed your 2020 tax return and are expecting a tax refund? Are you still anxiously awaiting that refund, and hearing stories of your friends, neighbors and co-workers already receiving theirs? This is frustrating to say the least for many taxpayers and causing concerns. Just know that you are not alone. Don’t miss: More …

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More tax scams to be aware of

One thing’s for sure. Nothing is certain except death and taxes…and thieves trying to scam you out of your money. Another year, another IRS “Dirty Dozen” tax scam list. Adding to the annual list of popular scams, the IRS is warning Americans to be on the lookout for fraudsters masquerading as tax professionals peddling the …

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Arizona Department of Revenue payment plans

Are you unable to pay your 2020 tax liability in full? Arizona taxpayers now have the ability to request a payment plan and review and manage their individual income tax liability on the Arizona Department of Revenue (AZDOR) aztaxes.gov website. This new feature will make it faster and easier to set up a payment plan …

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Distributions from an S corporation

S corporations have grown in popularity over the last few decades and for good reason. One of the most widely known being it offers the shareholder a way to not have all the earnings subject to self-employment tax. But there are tax traps associated with S corporations that are sometimes overlooked. One of those traps …

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HSA caps adjusted for inflation

The Internal Revenue Service recently announced inflation adjusted amounts for Health Savings Accounts. These new numbers are maximum amounts for calendar year 2022. Here are the HSA caps adjusted for inflation. Don’t miss: Have you checked your tax withholding lately? The IRS adjusted annual limits on deductions for self-only coverage under a high deductible health …

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