July, 2022 » Brock CPA
Accounting Business Taxes

The IRS Updates its “Where’s My Refund?” Online Tool

The Internal Revenue Service (IRS) has recently made improvements to its popular “Where’s My Refund?” tool, a feature that allows taxpayers to monitor their tax return status online.

This upgrade is especially crucial for those still waiting for their current tax returns, as well as those awaiting refunds from the previous two years due to the processing backlogs caused by the COVID-19 pandemic.

Taxpayers can now use the tool to check their refund status for any of the three most recent tax years, 2019, 2020, and 2021, by providing their Social Security number or ITIN, filing status, and the expected refund amount from their original tax return. The IRS has encouraged taxpayers to file their returns as soon as possible, and to take advantage of the updated online tool to check their refund status.

Accounting Business Taxes

Cryptocurrency Taxation for 2023: Here’s What You Need to Know

Cryptocurrency has been making waves in the financial world for several years now and has only been gaining popularity among individuals and corporations. While one of the biggest appeals of using cryptocurrencies is the ability to remain anonymous through private and secure transactions, this will no longer be the case after December 31st, 2022.

With the evolving world of crypto, tax rules are also changing rapidly, and new reporting requirements for cryptocurrency transactions will go into effect from the 2023 tax year. This means that potentially taxable digital asset transactions made by cryptocurrency users will be reported to the IRS by outside parties, similar to third-party reporting required for stocks. Businesses must also begin reporting whenever they receive more than $10,000 of cryptocurrency in a single transaction to minimize money laundering.

While the news that cryptocurrency is here to stay may be great for some, the loss of anonymity also presents an obstacle for those who wish to keep their transactions private or have not met their tax obligations. It is expected that users will now be asked to provide an array of personal information when opening a digital wallet, which was likely not required in the past.