Giving to Charities Abroad
With war, natural disasters, and other tragedies happening worldwide, you may want to donate to the global causes you believe in. But what are the tax implications of giving to charities abroad? Donating to charity has its own rewards, well above and beyond tax breaks. However, those tax breaks can sweeten the pot, allowing you […]
IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax collectors. “We’ve started transforming IRS operations,” IRS Commissioner Danny Werfel stated. “These will provide significant benefits for taxpayers, tax professionals, and the tax system […]
The Fight Over Taxing Unrealized Income
The U.S. Supreme Court recently heard oral arguments that could lead to a landmark ruling that affects how unrealized income is (or isn’t) taxed. As summarized here, Moore vs the United States deals with a relatively new mandatory repatriation tax (MRT) that the plaintiffs claim is unconstitutional. “The one-time tax is supposed to prevent shareholders […]
1099-K Reporting Threshold Takes a Big Dip
The IRS has announced it is delaying the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law. Digital payment platforms affected include Venmo, PayPal, eBay, and other payment apps and online marketplaces. “This phased-in […]