The IRS in 2014 classified all virtual currencies as property for tax purposes, meaning the assets -- much like a home -- can be sold at a profit and trigger tax implications. Taxpayers who haven’t been notified by the IRS and may have underpaid or avoided taxes for cryptocurrency transactions still could seek some relief by coming forward before the IRS finds them.
Do you consider not paying taxes “sport?” The President of the United States says he does. And that raises serious concerns about the stability of our voluntary tax system.
Many plaintiffs win or settle a lawsuit and are surprised they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. A little tax planning, especially before you settle, goes a long way. It's even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law.
The Internal Revenue Service is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly.
Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.
If you are considering making a sizable gift to a family member such as a partial interest in the family business, how you structure the transaction can have a meaningful impact on the success of the transfer, minimizing taxes, and the control you have even after making the gift.
A group of farsighted Republicans is making the case that carbon prices are artificially low, and a big carbon tax would set them right.
The current threat of a prolonged trade war is serving as an emergency brake to a stock market that is pressing the gas pedal as hard as it can with positive economic data reports; including, but not limited to, corporate earnings, serving as tailwinds. Once any semblance of progress is reported with respect to trade negotiations, I would anticipate this emergency brake to be lifted and for constrained stock prices to rise accordingly.