tax

tax pros losing market share to self-filers

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do the math: pro market shrinks by 2 points.

the nation’s tax professionals have e-filed fewer than 44 million returns through march 21, off 1.3% or 571,000 returns, from the same point past year, while self-filers are running 5.9% ahead of last year, having transmitted 31.7 million returns.

do the math and you’ll find professionals’ 60% share of the e-filing market last year has slipped to about 58% – a seemingly small amount that, nevertheless, translates into hundreds of thousands of returns and millions in lost revenues. it’s a trend that shows no sign of slowing or reversing, according to 卡塔尔世界杯常规比赛时间 analysis.

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irs bitcoin rule: 5 things accountants need to know

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item 5: brace for new work.

by hitendra patil
 pransform inc.

you may need to start asking your clients about bitcoin. new irs guidance treats bitcoins and other crypto-currencies not as money, but as property, for tax purposes and applies immediately to all returns. see the full text of notice 2014-21 (pdf).

among other things, the irs advised that:

  • as an employer, if you pay wages in bitcoins:
  • you must report it on a w-2.
  • you must ensure income tax withholding.
  • you must ensure payroll taxes deduction.
  • if you pay contractors and service providers in bitcoins, such payments are taxable and self-employment tax rules generally apply.
  • if you make a payment of $600 or more in a taxable year to an independent contractor for the performance of services, you are required to report that payment to the irs and to the payee on form 1099-misc, miscellaneous income.

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