January 31 Deadline Looms for Forms W-2 and 1099-MISC The possibility that the government shutdown will continue into next month resulting in many IRS employees not working to process Forms W-2 and Forms 1099-MISC has no impact on the January 31 deadline for filing these forms. Filing Deadlines for Forms W-2 and Forms 1099-MISC The […]
Federal Court Of Appeals For The Third Circuit Clarifies Standard for Proving a “Willful” FBAR Violation Not much has come out of the Courts defining that line between nonwillful and willful when it comes to not filing Foreign Bank and Financial Accounts Reports (“FBAR”) but now we have a recent U.S. Federal Circuit Of Appeals […]
What You Need To Know If Buying And Selling Crypto Currencies It is getting easier for people to buy or acquire crypto currency because more and more exchanges are being created and different methods of purchase (besides cash and money orders) are now available using credit and debit cards, Paypal, and barter arrangements. Storing Your […]
Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision. The federal penalties for possession of any […]
The departure of Representatives Jared Polis and Dana Rohrabacher from Congress left vacant two seats on the bipartisan Congressional Cannabis Caucus (the “Caucus”) so on January 9, 2019, the new leadership team of the Congressional Cannabis Caucus was announced, with Representatives Barbara Lee (D-CA) and David Joyce (R-OH) joining founding members Earl Blumenauer (D-OR) and […]
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 […]
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