Understanding the Tax Implications of Cryptocurrency
The IRS issued Notice 2014-21 on March 25, 2014, which, for the first time, set forth the IRS position on the taxation of virtual currencies such as bitcoin.
Tax Return Preparation: What You Should Know
If you don’t have a tax preparer, a good way to find one is to ask friends and advisors (such as an attorney you know) for referrals. Be sure that the person you choose has a preparer tax identification number (PTIN) showing that they are authorized to prepare federal income tax returns.
Tax Planning: What You Should Know
You can’t really plan for the future if you don’t know where you are today. So the first tax planning tip is get a grip on what federal tax bracket you’re in.
Tax Preparation: Tax Prep Checklist
Here are 6 keys to help you with tax preparation. Use this checklist when preparing your return.
Beware of Offer in Compromise Mills
Resolve your tax debt for pennies on the dollar? Sounds pretty good right? Beware of these advertisements, they can be scams. The IRS warns taxpayers of this and other scams in its list of the “Dirty Dozen.” According to the IRS website: “Offer in Compromise mills contort the IRS program into something it’s not –…
Beginners’ Guide to Financial Statements
Keys The Basics Many people find financial statements so complex that they shut down if they even hear/read the term “financial statement.” If you can follow a recipe or apply for a loan, you can learn basic accounting. The basics aren’t difficult and they aren’t rocket science. In this blog, you will gain a basic…
Accounting For The Cannabis Industry: What You Should Know
Keys Audits Cannabis companies are experiencing audits regularly, and non-compliant businesses face years of litigation, significant legal fees, and back taxes. In more extreme cases, significant penalties have been handed out for lack of accuracy, such as in the Alterman-Gibson court case, with a $78,000 accuracy penalty, and the Northern California Small Business Assistants case,…
Tax Planning: Anticipating Biden’s Tax Increases. What does it mean for small investors and small businesses?
Keys Income tax: Under Biden’s recent proposal, the top marginal income tax rate would go up to 39.6%, from 37%. That is where it was during President Barack Obama’s administration. Capital gains tax: The proposed capital gains tax increase more or less doubles the rate that high-earners would pay when they sell investments. The current…
Tax Preparation: What You Should Know
Unless you’re a tax nerd, filing your taxes is usually a dull process at best, and a migraine-in-the-making at worst. The #1 reason people hire tax preparation firms is simply that they’ve experienced one too many late nights, lost W-2s, or audits for one lifetime.