IRS RAMPING UP CRYPTOCURRENCY TAXATION

IRS ramping up cryptocurrency taxation. This emphasis comes from the need for additional revenue, due to the large government expenditures related to the Covid pandemic, and as the IRS seeks to increase taxpayers reporting compliance and ramp up enforcement. The IRS recently released a version of updates on the subject, IRS form 14457, Voluntary Disclosure […]

CHOOSING THE RIGHT STATUS FOR YOUR COMPANY

Choosing the right status for your company. When starting a business, the first question that needs to be answered is, what type of operation is it, and what type of status for tax purposes do you want it to be ? That needs to be done upfront, otherwise you may well end up like the […]

IMPACT OF TRUMP TAXES REMAINS HIDDEN

Impact of trump taxes remains hidden. Armed with legions of lobbyists, companies have been pushing hard–and successfully–to weaken new federal taxes that take aim at overseas tax havens. Many of them have managed to avoid publicly disclosing how much they owe under the new taxes. Without such figures, it becomes virtually impossible for outsiders to […]

IRS ISSUES 2019 TO 2020 PER DIEM RATES

IRS issues 2019 to 2020 per diem rates. Business travelers who incur expenses while traveling away from home have new per diem rates to use in substantiating certain of those expenses (Notice 2019-55). The new rates are in effect from Oct. 1 2019 to Sept. 30, 2020. The IRS provided the 2019-2020 special per diem […]

REPORT ON ABUSIVE CHARITY TAX ABUSE

Report on abusive charity tax abuse. The report was addressed to Senator Charles Grassley, Chair of the Senate Finance Committee, so it is no surprise that it leads with the syndication of conservation easements. The center of this particular tax scam is Rome, Georgia. People there are arguing that syndicated conservation easements are the subject […]

GILLETTE AND SZCZEPANSKI V COMMISSIONER

Gillette and Szczepanski v Commissioner. In our ongoing coverage of Tax Court issues and cases we focus on this case, an Offer in Compromise issue case. The petitioners, Gillette and Szczepanski(a married couple), were assessed a liability on their 2012 federal income tax which included the penalty for early withdrawal from an IRS and the […]

TAX RELIEF FOR FORMER CITIZENS

Tax relief for former citizens. The IRS announced procedures for certain persons who have relinquished or intend to relinquish their United States citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxes as a “covered expatriate” under section 877A of the U.S. Internal Revenue Code […]

RECONSTRUCTING RECORDS AFTER DISASTER

Reconstructing records after disaster. This may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need  certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all of […]

FAST TAX CUTS COULD HURT REPUBLICANS

Fast tax cuts could hurt republicans. When President Trump signed the Tax Cuts and Jobs Act into law in 2017, the Internal Revenue Service moved to make sure the savings showed up quickly in paychecks. Doing so probably lifted consumer spending last year, but it may have hurt Republicans politically, new polling shows. Administration officials, […]