The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

IRS Releases Draft of New Form 1099-DA

By ANGELA A. LAWRENCE

In mid-April 2024, the IRS released a draft of the new information return that will be used for reporting digital asset transactions and furnished by brokers. The 2025 Form 1099-DA is expected to be included on federal tax returns when taxpayers answer “yes” to the digital asset question that concerns receiving, selling, exchanging, or disposing of digital assets or financial interest in a digital asset during the relevant tax year. Examples of digital assets include cryptocurrencies, stablecoins, and non-fungible tokens.

Last Chance to Claim Tax Year 2020 Refunds

By ANGELA A. LAWRENCE

In February, the IRS released a list of seven suspicious signs that a company’s Employee Retention Credit (ERC) claim may be questionable or incorrect, which could cause future problems with the IRS. Small businesses should carefully review these warning signs to determine if their claims must be resolved. The ERC, a pandemic-era credit, was meant to help small businesses, but corrupt promotors have deceived many businesses and misled them about the qualifications needed to claim the credit.

IRS Releases List of “Dirty Dozen” Tax Scams for 2024

By ANGELA A. LAWRENCE

Each year, the IRS releases its “Dirty Dozen,” a list of tax scams that taxpayers should be wary of. The list highlights common scams that put people at risk of losing money, personal information, data, and more. Here are the 12 scams that you should be aware of in 2024…

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