Your Guide to State, Local, Federal, Estate + International Taxation

The defeat of Batman, IRC prevails against a superhero

The last couple of weeks have been odd ones for me. I’ve been caught up with my work load and on occasion my mind has wandered. Today was no exception to that, and in my wandering, I questioned whether Batman would survive the hobby loss rules in an IRS audit. I should confess I’m not …

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Deadline near to make (very) late portability elections

Earlier this summer, the IRS issued Rev. Proc. 2017-34 which granted a permanent automatic extension for the time to file an estate tax return in order to elect portability of the decedent’s unused exclusion amount (DSUE). It also created an additional temporary opportunity to make very late portability elections for decedents who died after December …

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Arizona’s new electronic filing and payment requirements

Arizona Governor Doug Ducey has recently signed H.B. 2280 which is a bill that will phase in electronic filing and payment requirements for almost all Arizona taxpayers from now until 2021. Some main groups that are affected by this law are those who pay state and local sales and use taxes, corporate income tax, tax …

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Saver’s Credit helps you plan for your future

The Internal Revenue Service reminds low and moderate-income workers to plan now to earn a credit on their 2017 tax return. A special tax break can help people with modest incomes save for retirement. It’s called the Saver’s Credit and it could mean up to a 50% credit for the first $2,000 a taxpayer contributes …

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Taxable settlement? The tax side of staying quiet

The news headlines as of late have been filled with stories of individuals who are telling the world their stories of sexual harassment. The cast of accused encompasses a wide span of people. Hollywood, journalists and government officials are just a few of the many who have been called to account for their alleged behavior. …

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90 Days, the IRS and Tax Court – your probationary period

If you have received a notice of deficiency from the IRS, you probably already know that procrastination is not your friend when it comes to this notice. The IRS issues a statutory notice of deficiency, sometimes referred to as the 90 day letter, if there has been a redetermination of your tax liability. The redetermination …

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How can you benefit from an 83(b) election?

When is an 83(b) election appropriate to make and what are some of the benefits from it? Section 83 applies to employees who receive stock that is subject to vesting. It is an election that would allow the taxpayer to be taxed at the time of the receipt of the property. There are various examples …

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Implications of misclassifying workers

What type of workers do you have in your business? How do you determine if they are a contractor or an employee? These are questions that need to be asked and thought about on a consistent basis because of the implications that the wrong answers can create. You don’t want to end up misclassifying workers. …

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Tax implications of Bitcoin transactions

Cryptocurrencies are making a big splash in today’s economy. The most popular cryptocurrency is the Bitcoin. The price has skyrocketed in 2017 from $1,000 to over $5,000 U.S. dollars. This is because the Bitcoin is becoming more prevalent in use and many companies are beginning to recognize and accept it as a payment system. Most …

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1099s already? Start thinking about them now

Every year, Christmas decorations seem to show up earlier and earlier at stores. We all know those people that get upset with anything Christmas related showing up before Thanksgiving. In some ways I feel like I am doing the same thing with this blog. I can just imagine people saying, “1099s? The year’s not even …

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