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

IRS adds new option in private debt collection program

In 2017, the IRS resurrected its private debt collection program. IRS then selected four private debt collection agencies (PCAs) to collect certain outstanding tax debts. The cases assigned to the collection agencies needed to meet certain requirements under federal law for inclusion in the private debt collection program. Through June of 2019, the four PCAs …

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Putting the STATE in Estate Taxes

We’ve seen a lot of changes in the state estate tax landscape in the past few years as some states have made major changes to their taxes, while others have repealed theirs entirely. These state taxes should be seriously considered when making estate planning decisions. For starters, only 12 states and the District of Columbia …

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Procrastination and how to avoid it

Procrastination: everyone is guilty of it from time to time, both in the workplace and at home. Whether it’s putting off working on a messy tax return or coming up with excuses to avoid starting that landscaping project, there are always projects to be done that just aren’t much fun. I don’t know about you, …

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Properly maintaining your foreign bank account

One of the most important questions we always ask our clients every year is if they have any foreign bank accounts. Why? Because the IRS does not mess around when it comes to US citizens maintaining foreign bank accounts and not properly reporting the information. So, what does this mean for you? Basically, additional forms, …

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Cryptocurrency update: New IRS guidance and requirements

In their continuing quest to get their arms around the many intricacies of cryptocurrency, the IRS has recently issued new guidance regarding the taxation of certain crypto transactions. They also added a new question regarding ownership of virtual assets to the 2019 Form 1040, Schedule 1 (still in draft form as of this writing.) Don’t …

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Rental real estate and 199A: Officially official

Every so often, a rule will come about that is particularly pointless. Surely we remember our days as kids thinking that every rule was a burden, but little did we know that would extend well into our adulthood. And so it is with tax. Of course, most of the codes and regulations that we abide …

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Beyond bike helmets and stranger danger: Online teen safety  

Did you know that October is National Work and Family Month?  Well, that was news to me too! Like many of you, I have a family that I care about, and in my profession, I’m always getting the latest news from the IRS. Let me mention a few things that the IRS urges families with …

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IRS agents and the problem with ride-sharing

Imagine your car won’t start early one morning before work. You have an important meeting to get to. What do you do? This has probably happened to the majority of us at one time or another. Most people would call a friend or take a cab, Uber, or Lyft. Well, IRS Agents better think twice …

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Miscellaneous expenses: For when it just can’t quite be classified

During the final push through the recent extension deadlines, I had more than a few small business clients send me their books, all in good shape and ready to prepare their tax return – or so they promised. I think most tax preparers will agree, as deadlines loom closer, the level of detail at which …

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How to respond to a nexus questionnaire

In the current economic landscape, more and more states are feeling the budget crunch. To raise revenues, states are sending nexus questionnaires to out-of-state businesses. Be careful in how you respond to these or else your company may be subject to additional tax liabilities. What is a nexus questionnaire? Nexus questionnaires are forms produced by states that …

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