Reading Time: 3 minutes Just last week, the IRS announced that the agency would bring on two “private-sector experts” to assist with efforts in cryptocurrency and digital assets. The focus appears two be two-fold, given that one expert is a practicing attorney, while the other is a CPA. Both have experience in both tax and crypto, and are charged with helping to lead the charge when it comes to the IRS’s goal of building reporting, compliance, and enforcement programs for cryptocurrency and the digital asset economy. Sulolit “Raj” Mukherjee, JD Sulolit “Raj” Mukherjee, JD has been described by ..read more

Reading Time: 7 minutes Please note: these are general options you have for reducing your taxable income, and their appearance on this list does not necessarily mean it’s the best option for you. We always recommend speaking directly with a CPA to develop a tax savings strategy that helps you save on taxes while taking into account your overall goals and risk tolerance. If you’re looking for a CPA, set up a meeting with our tax advisors today. The internet is full of great tax saving options, often a mixture targeting those who are self-employed and those who are not. Here, we’ll walk through ..read more

Reading Time: 3 minutes Just last week, the IRS announced that the agency would bring on two “private-sector experts” to assist with efforts in cryptocurrency and digital assets. The focus appears two be two-fold, given that one expert is a practicing attorney, while the other is a CPA. Both have experience in both tax and crypto, and are charged with helping to lead the charge when it comes to the IRS’s goal of building reporting, compliance, and enforcement programs for cryptocurrency and the digital asset economy. Sulolit “Raj” Mukherjee, JD Sulolit “Raj” Mukherjee, JD has been described by ..read more

Reading Time: 3 minutes It’s important to download and gather all of your e-commerce tax documents, including 1099-ks, VAT, sales tax reports, and sales statements to bring to your CPA. In this article, we’ve made it easy for you to find where to download your tax statements in one easy place. Need a Tax Form? Click from the below list to jump to the form you need: Amazon Affiliate Marketing Tax Forms Amazon Store Tax Forms Amazon Kindle Direct Publishing (KDP) Tax Forms BigCommerce Tax Forms Ebay Tax Forms Etsy Tax Forms Paypal Tax Forms Poshmark Tax Forms Shopify Tax Forms Square Tax Forms ..read more

Reading Time: 4 minutes In this article, we outline what a 1099-k is, how selling through online marketplaces and exchanging money through payment platforms impacts your taxes, and common misconceptions about 1099-k’s. If you run an e-commerce business, please stop reading and contact our E-Commerce Team to get help with 1099-k’s, reporting, and tax and accounting, as your tax situation is much more complicated. What is a 1099-k? The 1099-K is a form that reports payments you received for goods or services over a specified threshold, usually from one of the following: Payment apps like PayPal ..read more

Reading Time: 2 minutes February 2024 Most of the February chatter revolves around tax filing for 2023 and how to strategize for crypto tax in 2024, with the usual pearl-clutching from IMF about crypto posing tax problems. Forbes is set to have what could be an interesting webinar. See the full roundup below: Crypto Taxes in 2024: What You Need to Know Before Filing – Webinar “2023 saw the return of the crypto bull market along with a suite of new regulations and pieces of guidance for investors to understand. Join this free event on February 27 at 2pm EST to get up to date on these key develo ..read more

Reading Time: 6 minutes Roughly 1,000 people turn to the internet each month to search for a crypto tax calculator. And, while there’s no way to know exactly what those searchers are hoping to calculate, we’re going to dissect the results and see which one you should use. Looking at The 5 Most Commonly Used Crypto Tax Calculators Instead of ranking the calculators by quality, we examined these calculators based on their positions in current search results on Google. Meaning, we looked at the Top 5 search results for “crypto tax calculator” to see what most people are finding and using, and exa ..read more

Reading Time: 4 minutes You’ve probably seen it before—articles announcing “7 Reasons Bookkeeping is Important for Your Business”, “15 Reasons Why Bookkeeping is Important”, and even “Definition, Types and Importance of Bookkeeping”. The information you will find in these articles is absolutely valid. Of course you need to be compliant with tax reporting, be able to effectively budget and forecast, and understand how your business is functioning financially. However, as technology adoption changes not only the way we do business, but also how and why we track financials, how the IRS regulates ..read more

Reading Time: 2 minutes With the IRS now accepting tax returns, you’re probably wondering when you can expect your tax refund. We’ve put together a helpful chart to help you estimate. Of course, bear in mind that sometimes unexpected delays can happen. PEAK SEASON: Late March up to the April 15th Deadline Keep in mind that during peak season, you are more likely to see delays on your tax return being processed and any refunds issued to you through direct deposit. Tax Refund Expected Dates for 2024 The below chart is based on e-filing (which is the quickest and most efficient way to file taxes ..read more

Reading Time: 3 minutes The IRS expects that over 128.7 million tax returns will be filed by this year’s deadline, but before we can do that, we need to know exactly when the IRS begins accepting returns, important due dates, and info on processing times. Let’s dive in. January 29th: The IRS Begins Accepting Individual Tax Returns The IRS is now accepting tax returns! As of January 29th, the IRS has begun accepting individual tax returns. Of course, many people have already begun working on their taxes, whether it’s gathering important forms and data or setting up that meeting with a CPA. Even ..read more