SHARING ECONOMY TAX IDEAS

Sharing economy tax ideas. So you have a house to rent—or maybe just a room, in the sharing economy. Or perhaps you’d like to pick up passengers in your car working for Uber or Lyft. Pursuing these types of business activities can be great sources of additional income. But there are drawbacks too, including those […]

IRS GUIDANCE ON VIRTUAL CURRENCY

IRS guidance on virtual currency.  Expanding on guidance issued in 2014 (see notice 2014-21) the IRS has issued additional guidance to assist taxpayers with the reporting requirements for transactions involving virtual currency. The IRS defines virtual currency as: “Virtual currency is a digital representation of value that functions as a medium of exchange, a unit […]

TAX LAW CHANGES

Tax law changes. The Internal Revenue Service has provided guidance for taxpayers and employers about changes from the tax law changes that impact, move related expenses, un-reimbursed employee expenses, and vehicle expenses. The tax law changes suspends the IRS deduction for moving expenses.. Meaning you cannot deduct the use of an automobile as part of […]