Stolen Tax Files, Hurricane Ida Casualty Loss Deductions, Inherited Roth IRAs, More Crypto News

News from the Front Lines of Business March 18, 2022
Fun with numbers “3-15”

4 Topics for the week are:
1.IRS Casualty Loss Deductions- Hurricanes and other updates​
2.Maintaining control of your assets to grow your numbers. Warren Buffet vs ANY Wall Street endorsed investment advisor​
3.Inherited Roth IRAs. The Best way to withdraw money and stretch out the tax savings​
4.More Crypto News- big losses in value lately. Why?

#crypto #IRA #IRS #hurricaneidacasualtyloss #cryptocurrency #rothira #retirementplanning #TaxSeason2022 #hurricaneidataxdeductions #casualtytaxloss #taxbusiness #hurricaneida #finance #taxation #quickbooks #KnowYourNumbers #dwhuffconsulting…(read more)

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As we near the end of tax season, the Internal Revenue Service (IRS) is warning taxpayers to be aware of stolen tax files. Criminals can use stolen personal information to file fraudulent tax returns and steal refunds. The IRS recommends that taxpayers file their taxes as early as possible to prevent this type of fraud. Additionally, taxpayers should use strong passwords and e-file their returns using a reputable tax software company.

In other tax news, the IRS has extended the deadline for taxpayers to claim casualty losses from federally declared disasters in 2017. This includes losses from hurricanes Harvey, Irma, and Maria, as well as the California wildfires. Taxpayers in affected areas have until April 30, 2018, to claim deductions for these losses.

Inherited Roth IRAs are another topic of interest for taxpayers. Roth IRAs are an attractive option for retirement savings because the withdrawals are tax-free. When someone inherits a Roth IRA, they are required to take distributions, but these distributions are still tax-free. This makes inherited Roth IRAs a valuable asset for heirs. However, there are certain rules that must be followed to ensure that the tax-free status is maintained.

In the world of cryptocurrency, there is always something new to report. The Securities and Exchange Commission (SEC) has warned that platforms offering trading in digital assets may be violating securities laws. The agency is concerned that some platforms are offering tokens that are actually securities, but are not registered as such. This could result in investors not receiving the proper disclosures or protections.

In related news, the cryptocurrency market continues its volatility. Bitcoin, the most well-known cryptocurrency, has seen a significant drop in value in recent months. This has led some experts to predict that the cryptocurrency bubble may be bursting. Others, however, are more optimistic and believe that the market will rebound.

As always, taxpayers should stay informed and seek advice from a qualified tax professional regarding their individual tax situation.