Tax Alerts

IRS Emphasizes Digital Asset Income Reporting Obligation, IR-2024-18

The IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return, as well as additional forms like 1041, U.S. Income Tax Return for Estates and Trusts 1041, U.S. Income Tax Return for Estates and Trusts ; 1065,U.S. Return of Partnership Income ; 1120, U.S. Corporation Income Tax Return ; and 1120-S, U.S. Income Tax Return for an S Corporation.

The IRS has mandated, that taxpayers filing Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120S must respond to the digital asset question with either ‘Yes’ or ‘No’, applicable to all, regardless of transaction involvement in 2023. In addition, taxpayers must disclose all income from digital asset transactions, utilizing relevant forms such as Form 8949, Sales and other Dispositions of Capital Assets and Schedule D (Form 1040), Capital Gains and Losses for capital gains/losses, Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return for gifted assets, and Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for reporting wages or independent contractor earnings received in digital assets.

Taxpayers are required to check the “Yes” box if they received digital assets as payment for property or services, obtained them through rewards, mining, staking, or a hard fork, disposed of digital assets, sold or traded them, or had any other financial interest in a digital asset. Conversely, those who solely owned digital assets in 2023 without engaging in transactions can check “No.” Additionally, individuals can select “No” if their activities were confined to holding digital assets, transferring them between their own wallets or accounts, or purchasing them using U.S. or other real currency, including electronic platforms. Additional information can be found on the IRS Digital assets page.

2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]

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2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

The IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]

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IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

The IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]

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IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

The IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]

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IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

FL - Motor vehicle sales tax rates by state issued

Florida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]

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FL - Motor vehicle sales tax rates by state issued

FL - 2025 governmental leasehold intangible tax valuation factor table released

For purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]

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FL - 2025 governmental leasehold intangible tax valuation factor table released

Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

The IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]

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Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

2024 Required Amendments List Issued, Notice 2024-82

The IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]

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2024 Required Amendments List Issued, Notice 2024-82

IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

The IRS reminded low- and moderate-income taxpayers to save for retirement now and possibly earn a tax credit in 2025 […]

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IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302

The IRS and Security Summit partners issued a consumer alert regarding the increasing risk of misleading tax advice on social media, which […]

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IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302