With tax free weekend on the horizon, here’s a detailed look at what is and isn’t sales-tax exempt from Friday, Aug. 9 through Sunday, Aug. 11. Note that each item must be less than $100 to qualify. Click here for more information on tax free weekend. What is tax free? School/office supplies Binders Blackboard chalk Book bags… Read More

The U.S. Internal Revenue Service (IRS) may consider subpoenaing major tech companies like Apple, Google and Microsoft in search of taxpayers’ unreported cryptocurrency holdings. That’s according to a slide deck presentation from an IRS cyber training session, which details a number of ways the agency’s criminal investigators might find potential crypto tax cheats. “Issuance of a Grand… Read More

The quick answer: It depends on how much you earn. Millions of people rely on Social Security, and the money to fund the program comes heavily from taxes paid by working Americans. If you take a look at your paystubs, you’ll notice that you pay something called FICA tax. That’s short for the Federal Insurance Contribution… Read More

The element of tax reform that still haunts accountants Since the 2017 reform of the Tax Code — formally known as the Tax Cuts and Jobs Act (TCJA) — was signed into law, accountants and tax professionals have been working overtime to keep up with the bill’s roughly 500 tax law changes. At the top… Read More

Cannabis-industry players on Tuesday voiced support for a bill that would protect banks that aim to serve the sector, as one industry veteran told a Senate panel that not having a bank forced him to pay a $3 million tax bill in cash. Since marijuana remains illegal at the federal level, federally-regulated banks are hesitant… Read More

Hiring an Advisor Who Is Not a Fiduciary By definition, a fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy. If your advisor is not a fiduciary and constantly pushes investment products on you, it’s… Read More

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies as a small business. The comments come in response to the IRS’s request in Rev. Proc. 2018-40. The revenue procedure noted that the Tax Cuts and… Read More

By CCN Markets: U.S. citizens who have failed to report their income from crypto transactions or underreported such income now have every reason to worry. According to Bloomberg, the Internal Revenue Service has identified a couple of taxpayers who underreported their earnings from crypto income or completely failed to report such earnings. Taxpayers who have been identified… Read More

A state has to have a vibrant business climate in order to win big economic development projects like Amazon’s $5 billion HQ2 or Foxconn’s $10 billion electronics manufacturing complex. Companies like these — and the thousands of others that locate new facilities or expand existing ones each year — demand a great workforce, low costs and a stable… Read More

Avoid State Taxes on Crypto With US Supreme Court’s Recent Trust Decision? The United States Internal Revenue Service (IRS) treats Bitcoin and other cryptos as property. That means each property transfer can trigger taxes, with a tax hit to both the recipient and the transferor. A key question is the market value at the time of the transfer.… Read More