American Asset Management, Corp.

07/01/2024

The IRS is cracking down on crypto and you need to be prepared.

What the new IRS guidance on crypto tax reporting means for investors

The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers. Here's what crypto investors need to know.

08/25/2022

The IRS just issued a notice that will be giving refunds to taxpayers who filed their 2019 and 2020 tax returns after the deadline. These refunds are automatic and there is no way to apply for this relief. For those that already paid those amounts, you will get credited or refunded. For those that may still owe failure-to-file penalties, the amounts will be abated.

Again, this is for failure-to-file penalties, not failure-to-pay.

However, 1.6 million taxpayers who owed such penalties should be receiving relief by the end of September. Business taxpayers with fiscal years will likewise be eligible for two years of relief as well.

IMPORTANT MESSAGE: if you have moved, make sure you update your address with the IRS here https://www.irs.gov/faqs/irs-procedures/address-changes

If you still have not filed these tax years, you may still qualify so get an appointment with us before the deadline on September 30th, 2022.

IR-2022-155, August 24, 2022 — To help struggling taxpayers affected by the COVID-19 pandemic, the IRS today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

08/06/2022

If you’re an S corp you NEED to get your reasonable compensation accurately figured out. They WILL crack down on this more.

By Paul S. Hamann & Jack Salewski, CPA, CGMA The IRS is deploying technology and big data to combat compensation under-reporting. What does this likely mean for you and your S Corps? That Reasonable Compensation challenges will likely occur outside the traditional exam process. A challenge may come....

06/25/2022

Our firm supports the protection of unborn lives. We will also pledge to assist with adoption and fostering fees of any current and future employees who choose to adopt or foster these children.

06/14/2022

If you are self-employed, make sure you keep track of all of your business expenses as well as your miles you drive for your business!! You can get your expenses written-off to help ease your amount of self-employment tax you owe. With the elevated gas prices, the IRS is increasing the mileage rate for the second half of this calendar year, starting July 1st. It is increasing mid-year from 58.5 cents/mile to 62.5 cents/mile. Might as well take advantage of this to help increase your tax deduction.

Want a good way to track your business miles? We recommend the app called 'Everlance'.

06/13/2022

If you filed an amended return, you can check the status of it here https://www.irs.gov/filing/wheres-my-amended-return

Unfortunately, the IRS is saying it takes up to 20 weeks right now to get the amended returns processed after receiving them.

If you need an amended return completed, email us.

Check the status of your Form 1040X, Amended U.S. Individual Income Tax Return with the IRS Where's My Amended Return tool.

06/09/2022

If you were happy with our accounting and tax services this tax season, make sure you share our company with a friend or family member. We would greatly appreciate your recommendation. With the recent hiring of more staff, we are able to take on more work next tax season.

For potential clients, don't hesitate to reach out and ask about pricing for tax prep and other accounting services. We are always looking to get a head start on the next year.

Stay tuned to this page this offseason as we will be posting updates as they are always adjusting the tax laws!

03/11/2022

Tax Prep appointments are filling up very quickly!

You can either call to schedule an appointment at (330)-979-0595 OR you can email us your documents and we can review and efile your tax return remotely. Whichever works best for you! [email protected]

02/21/2022

With the crypto industry booming, it is important to know that your sale of crypto IS TAXABLE to the IRS.

Here is the IRS FAQ on cryptocurrency.
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

02/16/2022

PSA: The letter you received from the IRS indicating the amount of stimulus you received has already been accounted for if we did your tax return.

The irs must have mailed out millions of these in the last couple days because many people just received theirs today.