Archive

Monthly Archives: January 2023

Are You Ready to File Your 2022 Tax Returns? by Angie Adames, CPA


Posted on January 31, 2023 by Angie Adames

January 23rd marked the start of the U.S.’s 2023 tax season and the official date the IRS began accepting and processing individuals’ 2022 tax returns. Following are the critical deadlines and details taxpayers should keep in mind as they gather required documents and work with their CPAs and accountants to meet their federal tax-filing obligations. […]

7 Facts to Know about the Adoption Tax Credit by Joanie Stein, CPA


Posted on January 21, 2023 by Joanie Stein

Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families may […]

Reporting Cryptocurrency Transactions while Minimizing the Tax by Lewis Taub, CPA


Posted on January 19, 2023 by Lewis Taub

The IRS has new tools at its disposal to crack down on taxpayers who fail to report gains and losses from cryptocurrency transactions in 2023. In this environment, it is critical taxpayers understand their obligations to pay taxes on crypto transactions and look for potential opportunities to minimize those liabilities. Cryptocurrency Tax Compliance In 2014, […]

Businesses, Nonprofits Have Until 2024 to Claim Valuable Employee Retention Tax Credits by Andreea Cioara, CPA


Posted on January 12, 2023 by Andreea Cioara

When COVID-19 set off a domino effect of business closings in March 2020, the U.S. government responded with a series of economic stimulus programs to help affected organizations stay afloat. Now, as we enter 2023, one of those relief measures is still available for businesses and nonprofits to apply for retroactively when they meet eligibility […]

Tax Efficient Pre-Immigration Planning Takes Time by Magda Szabo, CPA, JD, LLM


Posted on January 10, 2023 by Magda Szabo

The United States continues to be a destination for foreign citizens to invest their assets, conduct business and, in many cases, make their permanent home. Those individuals seeking U.S. residency often find the path to citizenship lined with a wealth of opportunities, a broad range of new responsibilities and costly liabilities, including U.S. income tax, […]

How Can Taxpayers Prepare for New Corporate Transparency Act Reporting? by Joel G. Young, JD, LLM


Posted on January 04, 2023 by Joel Young

In late 2022, the U.S. Treasury issued final requirements that certain corporations, LLCs, partnerships, business trusts and similar entities will need to begin reporting under the Corporate Transparency Act (CTA). While the CTA aims to bolster the country’s anti-money laundering policies and unmask the identities of the true owners behind shell companies and other opaque […]