by Aleksei Koutin on 11 Oct, 2019 - 0 comments

On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads: “At any time during 2019, did you receive, sell, send, exchange, […]

by Aleksei Koutin on 08 Mar, 2019 - 0 comments

It could be a terrible year for tax fraud, as the IRS is playing catch up after the government shutdown.  It appears that scammers have plenty of opportunities to run rampant. Please keep in mind: IRS does not initiate contact with taxpayers by telephone, email, text messages or social media channels to request personal or […]

by Aleksei Koutin on 25 Mar, 2018 - 0 comments

The IRS has released guidelines for how to report taxes relating to digital currency activity.    

by Aleksei Koutin on 09 Jan, 2018 - 0 comments

The IRS has issued a reminder of the January 31, 2018 due date for filing: Forms W-2 and W-3 for 2017 with the Social Security Administration (both electronic and paper versions) Form 1099-MISC by January 31 when reporting non-employee compensation payments in box 7 The IRS release notes that penalties for failure to file correct information returns […]

by Aleksei Koutin on 11 Dec, 2017 - 0 comments

First, tax regulations differ for each country around the world, so how Bitcoin is taxed in one country may not be the same elsewhere. Please look into the tax laws of your own country to find the specific details. What is pretty much global, is that buying Bitcoin or any other crypto-currency is not in […]

by Aleksei Koutin on 08 Dec, 2017 - 0 comments

The notion that western governments will be unable to tax cryptocurrency gains is unrealistic. Taxes are one of the two guarantees in life, and it makes sense to plan for them, even with cryptocurrencies. How’s that for a prediction?

by Aleksei Koutin on 14 Nov, 2017 - 0 comments

Coinbase, the San Francisco-headquartered bitcoin exchange on Friday, November 10th updated users regarding its IRS situation. Back in the Fall of 2016, Coinbase was summoned to provide identities and records of U.S. users and accounts but has fought back against the summons from the beginning. The company said that on Friday, it appeared in Federal Court to […]

by Aleksei Koutin on 08 Mar, 2016 - 0 comments

The Internal Revenue Service says it has seen a 400 percent surge in phishing and malware incidents this tax season. And the IRS said this week it has observed fraudsters are more frequently asking for personal tax information, which could be used to help file false tax returns. The combined number of incidents rose to […]

by Aleksei Koutin on 19 Jan, 2016 - 0 comments

Dear business owners. Please be reminded that commissions paid during tax year to individuals in excess of $600 must be reported on form 1099-Misc. Copy B and Copy 2 of the form must be sent to recipient(s) by February 1, 2016. We are on stand by for all withholding and income tax needs you may […]