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

Cryptocurrency & the tax challenges that come with it

Though it may be the most recognizable name, Bitcoin has been one of many cryptocurrencies on the market. Companies like JP Morgan and Facebook are now starting to roll out currencies of their own. Whether using virtual currencies as a currency or as an investment, it is important to identify the possible tax challenges associated …

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Only working part-year? Adjust your withholdings

With summer break being in full swing, many high school and college students will pick up summer jobs. More times than not, when we prepare these tax returns, we find that their federal tax withholding far exceeds their actual tax liability. While this isn’t necessarily a bad thing, there are a couple of things that …

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Is disability income taxable?

If you’ve suffered a disability, hopefully you are fortunate enough to have disability insurance to help you out. Once you start receiving disability income, you might start to wonder “is this taxable?” The answer to that question is the same as so many questions when it comes to taxes: it depends. Don’t miss: Splitting passive …

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Splitting passive losses during divorce

Many couples acquire partnership interests during marriage that generate large passive losses. If they don’t have enough passive income to offset these losses, the losses are suspended under the passive activity rules. For couples residing in a community property state, the losses are deemed to be owned 50% by husband and 50% by wife. Don’t miss: …

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Nevada eliminates Commerce Tax requirement

In an age where tax filing and compliance can become overly complicated and burdensome, Nevada has eased some filing requirements. This is good news. The Commerce Tax became effective in Nevada about four years ago. The Silver State enacted a new Commerce Tax applicable to business entities (including disregarded entities) whose Nevada gross revenue exceeded …

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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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