Taxpayers can find the amounts of their 2020 economic impact payments (EIPs) from their online account, IRS Notices 1444 and 1444-B, or their 2020 account transcript. A new IRS FAQ explains the procedure for requesting a trace to track a missing payment when the taxpayer’s online account shows a first or second EIP the taxpayer did not receive.
Virtual currency is a digital representation of value, other than a representation of the U.S. dollar or a foreign currency ("real currency"), that functions as a unit of account, a store of value, or a medium of exchange.
-IRS
While virtual currency has been around since 2009, it has become better know over the last couple of years. Although there are now dozens of them, some of the most popular names are bitcoin, ethereum, dogecoin and litecoin.
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.
For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates:
The IRS charges interest on a variety of non-compliance issues and adjust them quarterly based on how the economy is doing. These apply to both personal and business returns.
I sometimes run into clients who have to take large distributions from their traditional IRAs and it bumps them into higher tax brackets even though they don't really need the money to live on. Here is one solution to avoid some of that taxation and do some good for the world.
Last week the House passed legislation increasing the debt ceiling. The bill was supported by all but four Republicans. For some Republicans, this was the first time they had ever voted for a debt ceiling increase. Perhaps the reason they did so this time was because the legislation also promised to reduce federal spending by $4.5 trillion over the next decade. Most of those spending reductions are achieved by rolling back Fiscal Year spending to 2022 levels and then limiting increases in spending to one percent for the next ten years.