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

QR codes make paying your tax bill a little easier

The Internal Revenue Service has added QR, or Quick Response, codes to some of the notices it sends taxpayers. Specifically, the codes are going on tax due notices. The goal, says the IRS, is to make it easier for taxpayers to deal with the notices. Recipients of the QR coded correspondence can use their smartphones …

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Potential tax issues with non-fungible tokens

The IRS gives guidance on virtual currency, however tax treatment of non-fungible tokens (NFTs) specifically has not been addressed. NFTs are considered to have a complete life cycle. It’s life cycle includes its creation, use, sale or exchange, contribution to a charity and total loss of value. How should tax professionals treat the gains, losses …

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IRS penalties to be aware of

When tax obligations are not met you as a taxpayer will owe a penalty to the IRS. A notice will be sent to you by mail detailing the penalty, reasons for the charge and the steps to proceed. There are different types of penalties for different violations. Here’s what you need to understand to avoid …

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Multistate Tax Commission updates online commerce tax protection interpretation

As brick and mortar stores fall to online commerce sites routinely doing business across state lines, the Multistate Tax Commission moved to update their interpretation of Public Law 86-272, the federal statute that limits a states’ ability to levy net income taxes on out of state businesses and shields companies whose only activity in the state …

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Are you still waiting for your tax refund?

Have you filed your 2020 tax return and are expecting a tax refund? Are you still anxiously awaiting that refund, and hearing stories of your friends, neighbors and co-workers already receiving theirs? This is frustrating to say the least for many taxpayers and causing concerns. Just know that you are not alone. Don’t miss: More …

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More tax scams to be aware of

One thing’s for sure. Nothing is certain except death and taxes…and thieves trying to scam you out of your money. Another year, another IRS “Dirty Dozen” tax scam list. Adding to the annual list of popular scams, the IRS is warning Americans to be on the lookout for fraudsters masquerading as tax professionals peddling the …

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Arizona Department of Revenue payment plans

Are you unable to pay your 2020 tax liability in full? Arizona taxpayers now have the ability to request a payment plan and review and manage their individual income tax liability on the Arizona Department of Revenue (AZDOR) aztaxes.gov website. This new feature will make it faster and easier to set up a payment plan …

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Amended vs. superseded tax return

Most of us know what an amended tax return is.  But what about its lesser-known sibling the superseded tax return? In short, a superseded tax return is a return filed subsequent to the originally filed tax return but filed within the filing period of the original return including valid extensions. The return is filed using …

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EB-5 Immigrant Investor program expires

The EB-5 program was created in 1990 to stimulate the economy by utilizing foreign investors. The program administers employment-based fifth preference visas to qualified participants. Investors, along with their spouses and unmarried children under 21, are eligible to apply if they 1) make the necessary investment in a commercial enterprise in the U.S., and 2) …

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Corporate Transparency Act comes with new reporting requirements for companies

On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (NDAA) was passed, and included with it was the Corporate Transparency Act (CTA). The CTA requires certain business entities to file information on their “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN). FinCEN is the same organization to which taxpayers disclose …

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