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

Clarification on cryptocurrency and foreign reporting requirements

Ever since cryptocurrency began entering the mainstream vocabulary in the last few years, tax professionals have struggled with various reporting requirements related to virtual currency. The IRS eventually provided guidance regarding the reporting of sales and exchanges of cryptocurrency, as well as what transactions are subject to ordinary income treatment versus capital gain. Don’t miss: …

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Frustrated with the federal debt? Make a gift to reduce it

The Bureau of Fiscal Service accepts gifts donated to the United States Government to reduce the debt held by the public. Acting for the Secretary of the Treasury, the Fiscal Service may accept a gift of: Money – made only on the condition that it be used to reduce debt held by the public. An …

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Are robots taking over the accounting world?

With the ever-growing advancements in technology, the workplace undergoes constant change. With technology being able to do things we once did manually, computers are able to do things automatically and in an efficient manner. Many people believe that with the introduction of robots in the accounting world, the profession could be forgotten. However, it will …

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More than just bad math – Are you filing 1099s correctly?

We hear about the unimpressive US ranking in math compared to other countries. But this study shows it goes a lot farther than that. A recent report from The United States Treasury Inspector General for Tax Administration (TIGTA) says there are billions of dollars in non-payroll withholding discrepancies that were found in a study of …

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A midsummer tax meltdown

Remember back when you were a kid in the middle of summer, and it just seemed like there was nothing to do? So you whined, “I’m booooooooooooored.” Well, the post April tax season and pre-September/October finalization season can have the same effect as the kid you once were (or possibly have right now!) What is …

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Donating appreciated stock to charity

If you are planning to make a substantial contribution to a charity, it’s better to donate appreciated stock from your investment portfolio instead of cash. Why? You get a deduction for the donation AND avoid tax on the appreciation in value of the donated property. This planning tool is derived from the general rule that the …

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Help! I need an Uber, the IRS is coming!

After going public last year, Uber reported in its first quarter report to the SEC that they were currently under audit by the IRS. The 2013 and 2014 returns are being examined but no other information is available at this time. I know what you all must be thinking; can they really go back that …

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Importance of small business recordkeeping

An obvious goal of owning a business is to be successful. A key way to achieve this is through good recordkeeping. The idea behind recordingkeeping is being able to prepare accurate financial statements by keeping track of all income and expenses throughout the year. Now you may be asking what kinds of records should I …

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Tax deductions for vacation?

Business and pleasure can mix together on a single trip while retaining most of the tax benefits of a trip that is made solely for business purposes. If the trip is planned properly, you can write off or get reimbursement for the airfare, lodging and other transportation costs of a vacation. The trip must be …

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College grad tax tips

Graduating from college can be an extremely exciting time. Grads prepare for new jobs and have lots to think about with their upcoming adventures, but many may forget about things like taxes. Here are some of the top tax topics grads should remember to pay attention to. If a parent has claimed them in the …

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