Cryptocurrencies, a type of virtual currency, are controversial everywhere around the world. One thing that is for sure, at least for the moment, is that they are here to stay. With BTC hitting over $50,000 and the US Securities and Exchange Commission approving a cryptocurrency stock exchange-traded fund (ETF), to China’s crypto bans, these coins […]

On September 17, 2021, New York State (NYS) extended the State Disaster Emergency declaration related to Hurricane Ida (now categorized as a post-tropical depression). As a result of this declaration, NYS has postponed certain tax filing deadlines, including the extension deadline of October 15, 2021, until January 3, 2021. This applies to taxpayers in the […]

FinCEN (Financial Crimes Enforcement Network) announced that it will be providing FBAR relief to victims of recent natural disasters. This means that FBAR filers affected by recent natural disasters have until December 31, 2021 to file. According to FinCEN, victims of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, […]

Being your own boss seems nice at first, but if you don’t watch out, come tax time, there can be some nasty surprises in store for you. Sticking your head in the sand won’t make it go away and, year after year, it will just accumulate until you will just have to deal with it. […]

If you are an individual freelancer, sole proprietor, or business owner operating under another entity type in New York and New Jersey you may have until January 3, 2022, to file individual and business tax returns and make estimated tax payments, if you have been affected by Hurricane Ida. In addition to the filing deadline […]

Do you receive payments for your freelance business through peer-to-peer (P2P) payment apps such as Venmo, PayPal and Facebook or other mobile platforms? If so, it’s important to know how income from these apps will impact your freelance taxes. In fact, because of the potential for transactions to “fall through the cracks” of your regular […]

This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. You can read part one here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These changes include: More workers and working families […]

The American Rescue Plan has introduced changes to these key 2021 tax credits related to child and dependent care which can be a valuable way to lower your tax obligations. Child & Dependent Care Credit Increased for 2021 Only In 2021 the amount of the child credit and eligible expenses for child and dependent care […]

The Paycheck Protection Program (PPP) has been a lifeline for many freelancers and small businesses who experienced a loss of revenue due to the COVID-19 pandemic. Over the past year, the program was expanded several times to allow more participants to take part in it and receive funding—the government even made the loans forgivable. This […]

Now that the extended tax deadline of May 17 is behind us, it appears the IRS is planning to play catch-up on issuing refunds to eligible taxpayers this week—including for taxes paid on up to $10,200 of 2020 unemployment compensation which, under the American Rescue Plan (ARP), was eventually excluded from taxable income. The $10,200 […]