Pacun

"Jan 1, 2023 the volume restriction went away" So, if someone purchased a car Dec 31, 2022, no credit but if someone purchased it a day later, s/he will be the credit?

So based on that link... the sales people know that Chevrolet/General Motors doesn't qualify for the credit since a couple of years ago and yet they tell people that their tax preparer will get them a credit. Am I reading it right?

I have not done any research... does any one know if a 2022 Chevrolet Volt gets any "electric" credit on 1040/W2 filing?

Yes, DC gets the income amount when you input box 1 of the W2. I have my program to calculate automatically, so I enter box 1, box 2, box 15, and box 17, besides entering the name of the company and FEI number. When you efile, you don't have to do anything special for DC and the 1040 is automatically attached when the efile file is created. If you are filing married, DC has special category "married filing separate on the same return" and it is helpful when both spouses work. Let's say that each earn 100K, you split the income and taxes is higher when paying on $200K and cheaper when paying taxes on $100K and 100K. Another helpful refundable credit is rental paid for apt or house on Sch H. Income limit is about 60K I think but you have to have lived in DC the whole tax year. Regular years, DC give you 40% of Federal EIC, but this year was increased to 70% but the extra 30% is sent evenly every month for 11 months. If you are filing 1099-NEC with Schedule C, you might need to eliminate form D-30 because ATX automatically adds it and send 1099-NEC income to that form but most of the time is not needed.

Thank you for the link. I need to correct one 1099-NEC.

very.

Keep in mind that if one spouse itemized, the other one doesn't have to itemize but must take a 0 standard deduction.

Which one is your client? As you can see, you might have a conflict form the get go.

So, you have to have the appraiser with you each time you want to donate crypto? He is the one that will give faith to the price. How about the passage that reads that you can deduct the amount that the "church" received when property was sold?

I assume the appraiser will use this link below to know the FMV when the coin was donated. Let's say that you donated some solana SOL on April 15, 2022. You will enter SOL on the search bar, then you will click "all" and expand the chart and move the cursor to the date you are looking for. In this case the FMV of each SOL was $101.3 https://coinmarketcap.com/gainers-losers/

while you have the old server running, print to PDF every client for every year that you are not going to install on the new server. I would install only two or three years on the new server. Since you give copies to your clients, you should be OK.

If you are going to trash the old server and if you are required by law to have records for the last 7 years, that would make sense. Other than that, you only need a couple of years plus the current year and you should be 99% OK.

Is Jan 23rd the date to start efiling 1040s with the IRS?

The service provider could report the income in 2022 or 2023 depending of the accounting method, but your client can only issue the 1099 for the year in which the money was paid, as Bulldog Tom said.

That's not true... unless when you purchased your old computer 4 years ago, you asked the technician to buy a 3 year old computer because you were afraid of windows 10 at the time.

"Curious, if your client hasn't done a good job of keeping track of their transactions and they don't have the reports you need then what?" They can log on to their exchange and get an Excel Report. It is tricky to find the information but it is there. Binance.us has a pdf version also which is a lot of pages, but it is easier to find what you need. To give you an idea, if you purchase $10K in a coin, you would think that you will have an entry in excel showing the 10K and the amount of coins. Most of the time yes, but sometimes 100 people have $20 to sell and the computer has to buy from them. So you end up with hundreds of purchases with different prices. Most people will tell you, I started with 20K and ended up the year with only 14K... that means nothing. A person with that information could perfectly need to report $25K in short term gains even though he is loosing money. Luckily you will get a client that started last year, that's easy to find cost and proceeds but if they have been cryptoing for 4 years, you will have 4 years to dig in to find the cost of the sales. I am keeping a log for 2023... last year I only logged sales and went to look for cost on line. That's becoming hard, so this month, I am entering a line with cost for every coin I have so that when I sell in 10 years (I wish) it is easy to enter the date, proceeds and amount of coins/token sold. Bottom line, ask your people to purchase a crypto trading journal an enter every transaction as they occur. If not, you will spend a lot of time trying to make sense from excel files.

Please don't downgrade your computer just because... As soon as Windows 11 came on board, I upgraded and I have never had any issues. In your case, I would install ATX 2021 with its data on the new computer and then install ATX 2022. I always keep my old computer handy the next tax season. After the next tax season, I disconnect it from the LAN and turn it on when needed. I keep it for another year or two and then there is no need to go back to it.

I just want to say that mining bit coin with a personal computer is like running Daytona 500 on a bicycle. With the bit coin hash rate difficulty, you will never mine any bitcoin. I agree crypto is new but in about 5 years more than half of our clients will have crypto transactions and we might have to reconsider if we want to turn them away. Fidelity, paypal and some banks are now offering crypto to their clients and soon other institutions will follow suit. So the sooner we help our clients the better.

It only matters on the year that your license ends. Two days ago, while renewing my PTIN, I saw that I have to renew my license in March 2023, which I completely forgot. I panicked because this year I had only 18 credits. In my head, I said... "I am short if every year I have don't the minimum requirement". Luckily, on that website they have my CPE credits and I had a lot in one year so I had exactly 72 credits. I am happy you noticed it now because 48 hours later, it would be too late. Everybody, please double check if your license expires in March, so you still have time to pass the CPE exams.

Still taxable. Papers means nothing... you must report your gains and pay taxes on them if any. Remember that I don't know where my bank has the database of my transactions by block chain is open to anyone who wants to see my transactions and any profits I made. So the fact that the IRS has said to the crypto exchanges that they don't have to report to the IRS, it doesn't mean that we don't have to report gains and it doesn't mean that the records are not available to everyone.

China has banned crypto because they are creating their own digital yuan and don't want any competition. On other posts we have said that our industry is shrinking because Turbo tax has gained popularity and each client they have taken, has been taken from our pools. Other free efiling platforms have also sliced our pool. We should embrace crypto because it will save our jobs, at least for some of us. The sooner we embrace it, the better. The genius is out of the bottle and unstoppable. In 5 years, every other person (at least) will have crypto transactions. I work for a company and I get paid... with something... let's call it money. I don't see it and don't touch and I don't know where it is registered... but it is registered somewhere... not the block chain. Every other week, a transaction is registered debiting my employer's account and crediting mine. The next day, my creditors are credited and those amounts are registered somewhere. NONE of us see the money and we only know that an entry has been kept somewhere. We have been using a crypto similar "thing" for a while, correct? At least I have. With Covid-19, I was happy I never had to touch money and preferred those registered transactions where ever they existed.

Sch C income $88,000 Sch D 141,800. For simplicity: 1a $4,800 $14,000 = -$9,200 1b $2,000 $1000 = $1,000 8a $250,000 $100,000 = $150,000 If short term loses were larger than long term gains, we would use $3,000 loses and carry the remainder to future years, correct?

Let's say someone invested 2 billions in Zec in January 2022 and they sold them in March 2022 for 4 billions. Zec really doubled in price between January and March 2022. Then you moved to a more "stable" coin and you purchased 4 billion in bit coin. On March 31, bit coin cost $46,000. Currently it cost about is about $16000. Needless to say that the company has less than its 2billion original investment right now. So if the company doesn't sell bit coin before year end, it will have a tax bill for 2 billion dollars of short term capital gains. By selling the bit coin they can have a loss in their return or they can sell just enough to pay 0 taxes. They can sell and purchase immediately after the same amount of bitcoin and be OK.

Not such an animal in crypto! Wash sales don't exist.

Excellent, but based on hash difficulty, it will be hard to find someone doing it as a hobby who has mined any bitcoin in 2022.