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
Homeownership comes with a lot of extra expenses, mostly thanks to the taxman. Due to increasing demand and limited inventory, the nationwide median sale price has reached $226,800, according to Zillow. Values have gone up 5.4% over the past year and are expected to rise another 2.5% in the next year. On top of that, state… Read More
The IRS is beginning to audit taxpayers with cryptocurrency assets, an agency official said. “In our exam operations, we’re starting to work those cases,” Mary Beth Murphy, commissioner of the Internal Revenue Service Small Business/Self-Employed Division, said June 20 at a tax controversy forum hosted by the New York University School of Professional Studies. She… Read More
If you actively trade securities, futures, forex or crypto, consider setting up a trading business to maximize tax benefits. With a sole proprietorship, a trader eligible for trader tax status (TTS) can deduct business and home-office expenses and make a timely Section 475 election on securities for tax loss insurance and a potential qualified business… Read More