Tax Changes for Crypto Investors
In another recent development, the IRS Chief Counsel’s office issued Advice 202124008, which states that exchanges of bitcoin for certain other crypto assets did not qualify for gain nonrecognition as like-kind exchanges under Section 1031.
You’ve Received a Notice From the IRS. Now What?
Getting an IRS notice in the mail can be scary and overwhelming. But, they often aren’t the catastrophe they may initially seem to be, and careful handling can resolve the issue quickly and painlessly.
New Safe Harbor for ERC Gross Receipts Calculation
This month, the IRS announced a new safe harbor provision that allows employers to exclude certain amounts received from other pandemic relief programs in determining whether it qualifies for the Employee Retention Credit (ERC) based on a decline in gross receipts.
IRS Announces Another Round of Unemployment Tax Refunds
The Internal Revenue Service disclosed it’s not done issuing refunds for tax paid on certain unemployment benefits received in 2020. So far, the IRS has completed four rounds of refunds due to the unemployment compensation exclusion, including 9 million individual refunds totaling over $10 billion.
COVID-19’s Lasting Effects on Nonprofits – Audit and Tax Issues
The pandemic may have also affected the operation of internal controls at your organization. For example, if staff members were laid off or terminated, controls designed for segregation of duties may not have operated effectively. Likewise, increased health and financial insecurity may have increased the motivation of some individuals to commit fraud.