Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
Happy Holidays.
The year ended without any major tax reform. Though, there is talk in Washington of starting the debate fresh in early 2022. We will continue monitoring developments and any potential tax law changes that finally make it into law.
This edition of our newsletter covers some new IRS security standards, tax basis, new Crypto reporting rules, importance metrics for SaaS companies and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
Happy Holidays.
The year ended without any major tax reform. Though, there is talk in Washington of starting the debate fresh in early 2022. We will continue monitoring developments and any potential tax law changes that finally make it into law.
This edition of our newsletter covers some new IRS security standards, tax basis, new Crypto reporting rules, importance metrics for SaaS companies and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
Do You Need a New IRS Identity Verification?
In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
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Does Your Business Need to File Forms 1099-NEC or 1099-MISC?
If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022, for 2021 payments.
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The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate?
Will increased IRS funding drive more audits?
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Retroactive Termination of the Employee Retention Credit
If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, you better read this about a retroactive change affecting the credit for the fourth quarter of 2021.
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Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill
Over the last 3 years, the Internal Revenue Service has been engaged in a virtual currency compliance campaign to address tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns and even criminal investigations.
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Tax Benefits Available to Disabled Taxpayers
Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several tax credits and other benefits that are available if you or someone listed on your federal tax return is disabled.
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Calculating and Using your MRR and ARR to Monitor and Forecast SaaS Subscription Revenue
One of the most important tasks that a SaaS company must do each year is to estimate and project future revenue. Learn more.
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What Is Tax Basis and Why Is It So Important?
For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares for $3,000, the gain is calculated based on the difference between the sales price and the basis: $3,000 – $1,000 = $2,000. This is a simplified example, of course—under actual circumstances, purchase and sale costs are added to the basis of the stock—but it gives an introduction to the concept of tax basis.
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Start 2022 Off Right: Clean Up QuickBooks
Is Your QuickBooks company file ready for 2022? Three things you can do to put things in order.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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