Important IRS Updates for the 2024 Tax Season

The IRS is implementing several changes for the 2024 tax season. Here are the key updates to keep in mind:

1. Company Registration

   • Register each of your companies at fincen.gov.

2. Virtual Currency Taxation

   • Cryptocurrency is taxed as property when cashed out in the U.S.

   • A crypto report (from Coinbase or the bank where it was sold) is required to file your return.

3. Gambling Receipts

   • Keep all gambling receipts.

   • You can report winnings and losses, but losses cannot exceed your winnings.

4. Corporate Transparency Act

   • Starting 1/13/24, all registered agents or key players for each company must file an informational return with FinCEN.

   • Applies to new companies immediately and existing entities at a later date.

5. Clean Vehicle Federal Credit

   • Receive up to $4,000 for used clean vehicles and $7,500 for new clean vehicles.

 

Stay updated as more changes are approved by the IRS! If you have questions, let us know.