Update Rules and forms | A&C Tax Advisors, In

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DIGITAL ASSET PROCEEDS 1099-DA

The general instructions requires mandatory reporting of gross proceeds information and voluntary reporting of basis information. For each digital asset sale that the broker has effected for a client in 2025, the broker must complete the Form 1099-DA.

VEHICLE CREDITS

The transfer of the Clean Vehicle Credit election allows a taxpayer purchasing a new clean vehicle or previously owned clean vehicle after December 31, 2023 to transfer the entirety of the credit to an eligible registered dealer in exchange for a financial benefit that reduces the final cost of the vehicle.

NEW EXCEPTIONS ON EARLY DISTRIBUTIONS

There are several exceptions to the 10% additional tax on early distributions. SECURE 2.0 adds two more exceptions for distributions: domestic abuse and emergency expenses

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ENERGY CREDITS

The Inflation Reduction Act, signed into law on August 16, 2022, provides for green energy incentives:

Residential Energy Efficient Energy Property (REEP): This includes solar electric, fuel cell, geothermal heat pump, solar hot water, and so on.
Qualified Energy Efficient Improvements included exterior doors, exterior windows, insulation materials, or systems that reduce heat loss/gain.

HOW I CAN REPORT MY VIRTUAL CURRENCY TRANSACTIONS?

There are many such conversion platforms Some of the better-known ones are:

TokenTax,

BearTax

CryptoTrader.tax

ZenLedger

CoinTracker

Bitcoin.tax

REQUIRE MINIMUM DISTRIBUTIONS

Taxpayers must begin taking RMD at the require beginning date (RBD) from qualified plans and traditional IRAs. For sample:

If the taxpayer reaches 72 after 2022 and 73 age before 2033 or born between 1951-1959; start RMDs, after reaching age 73. In other words, taxpayers turning age 72 in 2023 don't have to to start taking RMDs until they reach age 73.

ACTaxadvisors.securefilePro.com

Remote Services and Tax Protection Plus

Member of the National Society of Tax Professionals NSTP
National Association of Tax Professionals NAPTAX
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A&C TAX ADVISORS, INC.

DIGITAL ASSET PROCEEDS 1099-DA

There are many such conversion platforms Some of the better-known ones are:

ACTaxadvisors.securefilePro.com

Remote Services and Tax Protection Plus

Member of the National Society of Tax Professionals NSTP National Association of Tax Professionals NAPTAX Prince William Chamber of Commerce Member

A&C TAX ADVISORS, INC.

DIGITAL ASSET PROCEEDS 1099-DA

There are many such conversion platforms Some of the better-known ones are:

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Member of the National Society of Tax Professionals NSTP
National Association of Tax Professionals NAPTAX
Prince William Chamber of Commerce Member