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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.
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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.
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.
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.
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