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Tax Highlighter
As leading tax experts, the team at Abdo wants to ensure you stay up to date on ever-changing tax laws, regulations, and news. Check back daily for our Tax Highlighter blog posts.
Most Recent
NFTs may be treated as collectibles for tax purposes
Do you own nonfungible tokens (NFTs)? If so, you need to know that the IRS intends to treat certain NFTs as collectibles for tax purposes.
Bipartisan push to lift cap on federal SALT deductions
A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns.
Qualified Charitable Distributions from IRAs
Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions like the Qualified Charitable Distribution (QCD) for those who are interested in making charitable donations.
Practice safe holiday giving with the Tax Exempt Organization Search tool
Holiday season is nearly here, and many taxpayers are beginning to think about giving to charity. Be on the lookout for charity scams.
Do You Owe a “Nanny Tax” For Your Household Worker?
Did you employ a household worker in 2021? This could include a housekeeper, nanny, gardener, cook, health care worker, tutor or someone else. If so, you may owe what’s commonly called the “nanny tax.”
Cyber Security Awareness Month: A reminder of “smishing”
October is Cybersecurity Awareness Month. The IRS recently warned the public of scams called “smishing” that use texts to steal personal information or download malicious code to a phone.
Tracking business income through third-party payors
If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes.
Important Reminder: How the IRS Contacts Taxpayers
During this busy tax season, the IRS is reminding individuals how it will and, more importantly, won’t contact taxpayers.
More Tax Highlighters
Cryptocurrency vs. NFTs From a Tax Perspective
Cryptocurrency and nonfungible tokens (NFTs) are far from interchangeable from a tax perspective. A lack of IRS guidance has left tax experts to speculate on the nuances of how various digital assets may be treated.
IRS Explains Taxability of Crowdfunding Income
Crowdfunding may be used to fund business ideas, help families pay medical bills or raise money for charity, but bear in mind that the income raised by crowdfunding may be taxable.
Reporting Virtual Currency Transactions
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency?
Ensure Accurate Employer Tax Withholdings
This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. But it’s your responsibility to ensure withholding is adequate – we can help.
Reporting Income in the Gig Economy
If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported.
IRS Warns of Unemployment Scams
With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits.