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IRS increases standard deductions, estate tax exemp, annual gift, etc. due to inflation for 2025

As communicated each year, the IRS has updated some of the deductions, tax exemptions, tax exclusions and other tax items based on inflation. In several media, this has been celebrated as the IRS increasing the threshold and in some cases creating clickbait headlines to attract readers, but the reality is that each fall the IRS

By |2024-10-24T02:05:16+00:00October 24th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , |

Crowfunding contributions might be considered gifts, equity or gross income

In the FS-2024-28, the IRS reminds us how to treat crowdfunding transactions. Note that there were several articles and posts published related to this topic in the IRS website (See links below) and now the IRS is updating some of their guidance, like the 1099K thresholds. If there is a platform or website to request

By |2024-11-12T17:47:29+00:00October 3rd, 2024|Categories: Business|Tags: , , , , , , , , , |
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