10 08, 2022

Applying an Employer Identification Number (EIN)

2022-08-10T07:42:03+00:00U.S. Taxes - General|0 Comments

Do you need an Employer Identification Number (EIN)? Businesses generally need an employer identification number (EIN) if any one of the following is true: Started a new business Hired (or will hire) employees Operating as a corporation or partnership Created a trust Withholding agent for taxes on nonwage income paid to a non-resident alien Change [...]

10 08, 2022

Common tax questions

2022-08-10T07:40:08+00:00U.S. Taxes - General|0 Comments

Do I need file US individual income tax? In order to determine if you need to file US individual income tax return, you may refer to the following online tool on the Internal Revenue Service (IRS) website HERE. What different filing statuses are available on Form 1040 Individual Income Tax Return? There are 5 main [...]

25 07, 2022

Section 83 (b) election

2022-07-25T09:17:17+00:00Tax Benefits, U.S. Taxes - General|0 Comments

We have assisted many clients earning share awards as employee compensation for the services performed. These awards may have vesting conditions on grant date. As an overly simplified explanation, grant date is when an employee receives property such as a share award from the company. The vesting date is when an employee has received the [...]

29 06, 2022

Losses from worthless securities

2022-06-29T03:10:53+00:00Tax Benefits, U.S. Taxes - General|0 Comments

As an investor it is common to have worthless securities and, in such cases, a taxpayer would prefer to claim a loss to reduce the amount of taxes due. Here are a few general questions and two examples on investments in worthless securities: What is a worthless security as defined by IRS? Worthless security is [...]

23 05, 2022

Cryptocurrency Taxes for US persons

2022-05-23T09:48:11+00:00Current and Prior Year Tax Updates|0 Comments

As the value of cryptocurrency rises, so does the demand for it, particularly Bitcoin. The growing number of cryptocurrency traders require greater due diligence on how to determine and calculate their cryptocurrency taxes under IRS rules. Below are some general tax considerations for virtual currencies that a taxpayer should be mindful of: How is cryptocurrency [...]

7 01, 2022

Third Economic Impact Payments

2022-01-12T08:53:32+00:00Current and Prior Year Tax Updates|0 Comments

Updated Jan 7, 2022 Economic Impact Payments – commonly referred to as “stimulus checks” or “Recovery Rebate Credit” are funds to help reduce the financial burden of COVID-19 on individuals and their families. If you did not receive the first and second Economic Impact Payments or got less than the full amounts, be aware the [...]

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