February 2020 Newsletter

The IRS is Getting Serious About Virtual Currency Transactions

By Andrew D. Schwartz CPA When the IRS adds a check box on Schedule 1 of the personal tax return asking: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? ...you know they mean business. With more and more people investing in crypto currencies… Continue reading The IRS is Getting Serious About Virtual Currency Transactions

February 2020 Newsletter

IRS Issues Standard Mileage Rates for 2020

FROM IRS NEWS: IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups… Continue reading IRS Issues Standard Mileage Rates for 2020