by PSA CPA | Oct 15, 2025 |
The 1099-DA is a new tax form that digital asset brokers—primarily centralized exchanges like Coinbase and Kraken—are now required to send to you and the IRS. Its purpose is to create a standardized way to report digital asset transactions, similar to how a 1099-B...
by PSA CPA | Oct 9, 2025 |
1. Mixing Business and Personal FinancesThis is perhaps the most fundamental and frequent error for sole proprietors and small businesses. Using your personal bank account for business expenses or vice-versa creates a MESSY financial picture that’s nearly...
by PSA CPA | Oct 1, 2025 |
Expiring Credits and Deductions Energy efficient home improvement credit (Section 25C) will not be allowed for any property placed in service after December 31, 2025 Residential clean energy credit (Section 25D) will not be allowed for any expenditures made after...
by PSA CPA | Oct 1, 2025 |
The IRS is issuing a major warning about a rise in fraudulent tax scams spreading on social media. These schemes, promoted by scammers posing as tax experts, are tricking people into filing false claims for tax credits they don’t qualify for, such as the Fuel...
by PSA CPA | Jul 28, 2025 |
As a business owner, staying compliant with ever-evolving tax regulations is critical—not only for avoiding penalties but also for optimizing your financial health. The IRS has introduced several new tax regulations this year, and understanding how they impact your...
by PSA CPA | Jul 1, 2025 |
Understanding Estate Tax Planning: Why It Matters More Than You Think When it comes to planning for the future, most people focus on retirement or investments. But what happens to your wealth after you’re gone? If you’re a Maryland resident—or own assets in the...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…