In 2018, the IRS announced its Virtual Currency Compliance campaign that addresses tax noncompliance related to the use of virtual currency. According to the IRS, this past summer it began sending letters to taxpayers that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transaction properly…

Read about updates related to the 2018 Tax Cuts and Jobs Act, including Alternative Minimum Tax (AMT), medical expense deduction, error in schedule D, underpayment of estimated-tax penalty, and virtual currency…

With the end of the year approaching, review these helpful year-end reminders…

Tax implications are complex when renting a primary residence…

It’s hard to believe that another holiday season is upon us. As we approach the end of the year, our team here at Kakenmaster & Associates begins to turn its focus to tax-time. To help our clients prepare for filing their 2019 tax returns and avoid unwanted surprises, we will be sharing several “Get Ready for Taxes” tips over the next several months.