CHRISLEY’S CONVICTED OF TAX FRAUD

Chrisley’s convicted of tax fraud. Todd and Julie Chrisley, the famous TV show personality’s have been convicted on all counts of bank and tax fraud after a three week trial. The Chrisley Knows Best starts could get up to 30 years behind bars. A federal grand jury found Todd, 53, and Julie, 49, guilty of […]

RICH NOT POOR NATIONS BENEFIT

Rich not poor nations benefit. Many of the International Tax Agreements that are made never make headlines across the world. With politics, wars, and Covid vying for the public’s attention, the impact of certain tax agreements seem trivial to many world citizens. Yet the impact to poor nations on these agreements can hurt their economic […]

TAX COURT FINDS AGAINST TAXPAYER

Tax court finds against taxpayer. To be a real estate professional, a taxpayer must meet the following two tests under IRC Section 469(c)(7)(b): More than half of the personal services performed in trades or businesses by the taxpayer during the calendar year are performed in real property trades or businesses in which the taxpayer materially […]

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 […]

CLAIMING CASUALTY LOSS IS TRICKY

Claiming casualty loss is tricky. Hurricane Dorian a category 5 storm, has been called the strongest storm to ever threaten the east coast with maximum sustained winds of over 185 mph. According to the National Hurricane Center, “Although gradual weakening is forecast, Dorian is expected to remain a powerful hurricane during the next couple of […]

IRS HELP FOR SMALL BUSINESSES

IRS help for small businesses. The IRS website has publications that can help provide tips and useful information for taxpayers, including detailed information for small businesses and IRS help. The IRS reminds small businesses of the many free products available at their website, located at IRS.GOV. Products ranging from online calculators, printable calendars, step by […]