G&J Seiberlich & Co LLP

• FINANCIAL REPORTING & FORECASTING
• EXIT & SUCCESSION PLANNING
• AUDIT & REVIEW SERVICES
• TAX STATE & LOCAL TAXES TAX PLANNING & COMPLIANCE BUSINESS ENTITY PLANNING
• STATE & LOCAL TAXES
• TAX PLANNING & COMPLIANCE
• ASSURANCE SERVICES AUDIT SERVICES REVIEWS COMPILATIONS AGREED-UPON SERVICES
• INDUSTRIES WINE & AGRICULTURE CONSTRUCTION CONSUMER/RETAIL PROFESSIONAL SERVICES REAL ESTATE At G & J Seiberlich we view our work as Accounting for Life

Living a rewarding life is what we all desire Life has many stages and the money we earn, spend and save along the way plays a pivotal role in the flow of life

We focus on helping our clients manage their income, businesses and financial assets to meet their lifetime goals

We welcome you to G & J Seiberlich & Co LLP and invite you to call on us to discuss your own Accounting for Life

The IRS has reminded taxpayers of their tax responsibilities, including if they're required to file a tax return Generally, most U S citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year Taxpayers may have to pay a penalty if they're required to file a return but fail to do so If they willfully failed to file a return, they may also be subject to additional fines and possible criminal prosecution The following factors affect the filing requirement: (1) gross income; (2) required filing threshold; (3) self-employment status; and (4) status as a dependent Taxpayers must read Publication 501, Dependents, Standard Deduction, and Filing Information, for all the details related to return filing

The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns Following are some steps that will make tax preparation smoother for taxpayers in 2023:

• Gather tax paperwork and records for accuracy to avoid missing a deduction or credit
• Remember to report all types of income on the tax return
• File electronically with direct deposit to avoid delays in receiving a refund
• Free resources are available to help eligible taxpayers file online
• Free help may also be available to qualified taxpayers
• Choose a tax professional carefully
• Avoid phone delays; use online resources before calling the IRS

In addition, the IRS has suggested that taxpayers stay up to date on important tax information online by:

• Following the IRS' official social media accounts and email subscription lists to stay current on the latest tax topics and alerts; and
• Downloading the IRS2Go mobile app, watching IRS YouTube videos, or following the IRS on Twitter, Facebook, LinkedIn and Instagram for the latest updates on tax changes, scam alerts, initiatives, products and services

The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021 The term "digital assets" has replaced "virtual currencies," a term used in previous years The question, which appears at the top of Forms 1040, Individual Income Tax Return; 1040-SR, U S Tax Return for Seniors; and 1040-NR, U S Nonresident Alien Income Tax Return, was revised this year to update terminology All taxpayers must answer the question regardless of whether they engaged in any transactions involving digital assets A digital asset is a digital representation of value which is recorded on a cryptographically secured, distributed ledger Common digital assets include convertible virtual currency and cryptocurrency, stablecoins and Non-fungible tokens (NFTs)

Taxpayer must check the "Yes" box if they:

• Received digital assets as payment for property or services provided;
• Transferred digital assets for free (without receiving any consideration) as a bona fide gift;
• Received digital assets resulting from a reward or award;
• Received new digital assets resulting from mining, staking and similar activities;