Warning For U.S. Taxpayers With Interests In Foreign Corporations – You May Be Writing A Check To IRS. If you own an interest in a foreign corporation, you may be required to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. It is one of the most complex reporting obligations […]
How The Federal Government’s Shutdown Is Creating Opportunity For Taxpayers With IRS Debt. At midnight on December 21, 2018, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as […]
Attention Crypto Currency Investors: Don’t Pay More In Taxes Than What You Have To! During the last two months of 2018 Bitcoin was in its last bull run of the year that would result in a record high of $19,511 just before Christmas but at the close of 2018 was worth $3,743. If you bought […]
Getting Ready For The 2019 Tax Filing Season On January 7, 2019, the Internal Revenue Service (IRS) announced that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled despite the current government shutdown. While full operation of the IRS cannot resume without appropriation of funds by Congress, Federal […]
New Mileage Rates Announced By IRS for 2019 Before the 2017 Tax Cuts And Jobs Act was enacted into law, many taxpayers relied on the IRS’ annual publication of the mileage rates to be used for business travel. For many taxpayers this was a significant tax deduction but the 2017 Tax Cuts And Jobs Act […]
Pancreatitis is an increasingly common clinical condition that causes significant morbidity and mortality. The pancreas is an organ/gland that is adjacent to the small intestine and behind the stomach. The pancreas has two major functions: Producing and releasing digestive enzymes in the small intestine to help in the digestion process Releasing glucagon and insulin into the bloodstream […]
The Federal Controlled Substances Act (“CSA”) 21 U.S.C. § 812 classifies marijuana as a Schedule 1 substance with a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision. Generally, businesses can deduct ordinary and necessary business expenses under I.R.C. §162. This includes wages, rent, supplies, etc. […]
Having been beaten in an opinion issued by the U.S. Tax Court just weeks before where the Court ruled that IRC Section 280E does apply to Harborside (Click here for the Court’s opinion: Patients Mutual Assistance Collective Corp., dba Harborside Health Center v. Commissioner of Internal Revenue, 151 T.C. 11) which Harborside can appeal to […]
How To Use 2018 Cryptocurrency Losses to Your Advantage While foreign governments are still figuring out how to tax cryptocurrencies, there are actually ways in the U.S. that U.S taxpayers can use them to their advantage to pay less taxes. This is due to Notice 2014-21 issued by the Internal Revenue Service (IRS) which treats […]
California Sets Online Sales Tax Enforcement Date On June 21, 2018 the U.S. Supreme Court handed down its anticipated decision in South Dakota v. Wayfair, No. 17-494. The case challenges South Dakota’s application of its sales tax to internet retailers who sell into South Dakota but have no property or employees in the state. At […]
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