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

IRS outsourcing of cryptocurrency analysis

While most taxpayers probably haven’t been thinking much about cryptocurrency reporting requirements over the last few months (for good reason), the IRS has not forgotten, and begun analysis, about the vast number of taxpayers who are likely not reporting their cryptocurrency income, intentionally or otherwise. To the contrary in fact, the IRS appears to be …

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IRS releases FAQs for sick foreigners claiming U.S. tax exemption

Following the global outbreak of COVID-19, the IRS has posted FAQs for alien individuals who may have intended to leave the United States but were unable to leave due to being sick with a medical condition or problem, as described in §7701(b)(3)(D)(ii). There are certain circumstances in which non-U.S. citizens can be taxed as U.S. …

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How to balance life during a global pandemic

As we work together to slow the spread of Covid-19, many of us have been asked to temporarily work from home. At the same time, schools are closed, and parents are being tasked with teaching their children from home.  Add in the stress of college courses and/or trying to gain traction in a new career, …

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Act allowing more flexibility in PPP loans passes congress

The Paycheck Protection Flexibility Act is on its way to the president for signing after passing the senate late last night, reducing restrictions on how funds from PPP loans can be spent while protecting eligibility for forgiveness. Don’t miss: PPP loans – forgiveness, calculations and more Webinar Businesses will now have more time to use …

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Reminder of new tax deadlines

As a reminder because of the economic impact of COVID-19, the federal income tax filing deadline has been extended to July 15, 2020. These new deadlines apply to all individual tax returns, trusts, and corporations. Estimated payments for federal returns have also been extended to July 15, 2020, which means that penalties and interest will …

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Foreign gift reporting requirements

Generally speaking, the United States imposes gift tax on all gifts above a certain threshold. In other words, the reporting of a foreign gift must meet a certain threshold to be taxable. But in general, in the case of a nonresident and not a citizen of the United States, gift tax shall apply to a …

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Federal Tax Liens

Have you fallen behind on your taxes?  It may be due to a life disruption, financial hardship or simply neglect of your personal finances. If you have fallen behind, you may have received notice of a federal tax lien. What are federal tax liens? How is the lien going to affect you? Is there anything …

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Can states apply sales tax retroactively?

It has been nearly two years since the passing of the Wayfair Supreme Court case which turned the sales tax world on its head. Yet, businesses are still muddying the waters to determine if and how the economic nexus rules apply to them. For states, the holding was somewhat of a windfall, as companies throughout …

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PPP loan forgiveness interim final rule released

This past Friday night, May 22nd, the Small Business Administration issued an interim final rule covering the forgiveness process associated with a Paycheck Protection Program, or PPP, loan. A link to the rule is available on our COVID resource page. Don’t miss: PPP loan forgiveness application now available The highly anticipated formal guidance supplements the …

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Sourcing your income taxes: Understanding market-based sourcing

Sales tax nexus laws across the country got a fresh makeover starting in the summer of 2018 with the Supreme Court decision in Wayfair. Now, states are updating their income tax sourcing laws, hoping to lure more businesses to reside there while simultaneously gaining more tax revenues from businesses that do not. The method? Market-based …

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