Since passage of the Tax Cuts and Jobs Act, taxpayers and preparers have been adjusting strategy to optimize the significant changes of 2018. With one TCJA filing season down, I’ve taken stock of some of the not-so-common tax situations encountered and the strategies developed to work around them this year. While not all-encompassing, this list
Taxes
Senator Chuck Grassley in his own letter is cautioning the IRS about Senator Ron Wyden’s letter urging the IRS to investigate the NRA. Wyden refers to a report by the Senate Finance Committee Minority Staff – The NRA And Russia – How A Tax-exempt Organization Became a Foreign Asset. Mariia Butina, leader of a pro-gun
Getty The Internal Revenue Service (IRS) has issued a reminder to taxpayers with an expiring Individual Taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year may cause refund and processing delays in 2020. An ITIN is assigned to a taxpayer who is not eligible to obtain a
Share to facebook Share to twitter Share to linkedin 3D Word IPO on Chalkboard Background – 3D Rendering Getty For both private company directors as well as CEOs as you begin to think about liquidity choices for your company you normally think of an IPO. There is of course another alternative you may want to
The recent GAO report IRS Could Better Leverage Existing Data to Identify Abusive Schemes Involving Tax-Exempt Entities is not nearly as boring as the title makes it sound. In order to get to its recommendations the report authors had to describe the shenanigans that the scoundrels are engaging in. The report might serve as a
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses how early retirement benefits can affect later spousal benefits, survivor’s benefits before retirement benefits, the rate of reduction due to taking benefits early, the application of delayed retirement credits
internet banking network and cryptocurrency concept. Man hand using credit card for trade cryptocurrency. Getty Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040. The checkbox, which appears on the early
Demonstrators against the Republican tax reform bill November 30, 2017. (SAUL LOEB/AFP/Getty Images) AFP/Getty Images Economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley have a new book that has generated an enormous amount of attention. One key conclusion: The richest 400 families in the US paid an average effective tax
Share to facebook Share to twitter Share to linkedin President Donald Trump shakes hands with Chinese Vice Premier Liu He. Getty Images Topline: Following news that the U.S. and China reached a partial trade agreement on Friday, the stock market sharply rebounded, putting major indexes back within reaching distance of record highs. Both major indexes
Share to facebook Share to twitter Share to linkedin Got Crypto? With the ups and downs of Bitcoin and other cryptocurrencies, it can be dizzying to invest, even if you aren’t thinking about taxes. When you add taxes into the mix, it is much more so. Since 2014, the IRS said it would tax it