OptimaNet Tax Services

📣CDTFA reported revenue of $263.1 million ($154.3 m/cannabis excise tax, $108.8 m/sales tax) collected for the second quarter of 2024. Cannabis excise tax supports programs for childcare and early childhood development, medical research, youth substance abuse prevention, environmental recovery, and more.

Businesses and Partnerships should review their tax filings, focus on income reporting accuracy, and consult tax professionals to minimize audit risks .

Federal Tax Lien notices drop significantly at IRS
In 2023, 179,000 notices of federal tax lien were filed, down roughly 84% from the high in 2010 of nearly 1.1 million. ?

In 2023, the IRS reported 125 cases of unauthorized access to tax return data the highest number since 2018! While these violations are concerning, the good news is that disclosure violations remain low.

Big changes are coming. It is time to plan if you have a large estate. The Tax Cuts and Jobs Act
(TCJA), raised the federal estate tax exemption to $13.61 million, allowing you to gift or leave this amount tax-free. But a sunset provision will cut this exemption in half, dropping it to an estimated $6.4 million in 2026.

IRS revamps draft version of Form 1099-DA, Digital Asset Proceeds from Broker Transactions; requests feedback for 2025.

🟢New IRS collection notices-read carefully. 🟢The IRS recently alerted tax pros and taxpayers to read carefully any collection notices. The reason: IRS notices have been revised. Relying on knowledge of previous notices may result in costly mistakes. The new notices let recipients know everything they need to about where the account involved is in the collection process the options are available to the taxpayer. A second notice will now be sent 8 weeks after the first one, instead of 5 weeks later.

✅IRS adds user authentication to FATCA site🔒
The Internal Revenue Service is now requiring taxpayers and financial institutions to authenticate their identities when they sign in or register to use the Foreign Account Tax Compliance Act website as an extra security measure.

Crypto Regs are Final!
Effective September 9, 2024, the final regulations adopt, with amendments, the proposed regulations issued in August 2023.
The final regulations require:
 brokers to file information returns and furnish payee statements reporting gross proceeds and adjusted basis on dispositions of digital assets effected for customers in certain sale or exchange transactions.
 real estate reporting persons to file information returns and furnish payee statements regarding real estate purchasers who use digital assets to acquire real estate.
The final regulations define a digital asset as:
1. a digital representation of value that is recorded on a cryptographically secured distributed ledger (or any similar technology),
2. without regard to whether each individual transaction involving that digital asset is actually recorded on the cryptographically secured distributed ledge, and
3. a digital asset does not include cash in digital form.

IRS will resume paying ERC claims — slowly The Internal Revenue Service plans to begin slowly paying some of its older claims for the
fraud-plagued Employee Retention Credit this summer, but is not lifting its moratorium.☎️Feel free to contact us with any questions 310-820-1080

Your filing date does not affect whether you are entitled to a refund. Do not wait till last minute. -filing