Adam R. Necelis, CPA LLC

Today feels like a good day to remind everyone about the IRS virtual currency reporting requirements. Any income from the sale or exchange of virtual currency is considered income that needs to be reported on your tax return. In addition, on the front of the 2020 Form 1040 it asks "At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?"

So before purchasing Dogecoin or any other virtual currency make sure you are aware of any tax impact.

Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service Frequently asked questions and answers about Virtual Currency transactions.

On this Giving Tuesday, it's important that we support local charities many have been hurt tremendously by the pandemic. Most people are aware that charitable donations are tax deductible. However most people don't realize they need to claim the itemized deduction to receive this benefit. For the 2020 tax year, the IRS is allowing taxpayers to deduct up to $300 of charitable contributions while still claiming the standard deduction.

Here are some of my favorite charities, feel free to comment with your favorite and we will randomly pick one to make a contribution to as well.

Food Bank of Delaware, Faithful Friends Animal Society, Imperial Dynasty Arts Program, Reading Buccaneers Drum & Bugle Corps, Habitat for Humanity of New Castle County

The CARES Act added a new $300 charitable contribution deduction for 2020. Here's what you should know This year, donate cash to charity and collect a deduction when you file your taxes in the spring. Here's what you should know

Starting Monday, October 19th we will begin hosting our 1st annual food drive. We will begin collecting donations for the Food Bank of Delaware at both our office locations. The food drive will run until November 20th. Here is a list of the most wanted items.

If you are unable to drop off non-perishable food to our office directly, you can donate through our virtual food drive, https://fbd.fenly.org/drive/necelis-cpa-virtual-food-drive/.

Any and all donations will be greatly appreciated.

Yesterday, Governor Carney announced the Delaware Housing Assistance Program is coming back to assist tenants and homeowners meet their housing obligations. Eligible residents can receive up to $5,000 of assistance. To qualify you have to be a Delaware resident and meet certain income thresholds.

For more information regarding this program, please visit the Delaware State Housing Authority's website at http://www.destatehousing.com/covid19/.

Delaware rolls out financial aid for renters, homeowners late on rent, mortgage payments Delaware is going to spend $40 million to help residents who are struggling to pay rent or mortgages during the coronavirus pandemic.

With the US tax code as complicated as it is there tends to be a number of misconceptions. The Tax Foundation published a list of 10 common myths and debunks each of them. If nothing else, I recommend looking at Myth #4 regarding large tax refunds.

If you have any questions about these myths, feel free to comment on this post or send me an email at [email protected].

10 Common Tax Myths, Debunked Corporations pay no tax. Business taxes only affect business owners. Tax cuts pay for themselves. The rich don't pay any taxes. Other countries pay tariffs.