What you Need to Know About Tax Return Disclosure That Does Not Trigger Audits
FollowTax return preparers and advisers often use the word “disclosure” but many taxpayers do not understand what it means. Kevin E. Thompson, CPA says “I understand most taxpayers misunderstanding disclosure. I’m not sure most preparers know what it means. And some taxpayers may also think of it in a negative way or are suspicious about […]
Follow Tax return preparers and advisers often use the word “disclosure” but many taxpayers do not understand what it means. Kevin E. Thompson, CPA says “I understand most taxpayers misunderstanding disclosure. I’m not sure most preparers know what it means. And some...IRS Penalties Go Up as 2017 Tax Rates Go Down
Bloomberg BNA has just published its 2017 Projected Tax Rates along with a projection of tax items that have been adjusted for inflation. That means that the cost of noncompliance will increase. The good news is that individuals and businesses can look forward to lower tax liability because of higher deductions and credits. You […]
Follow Bloomberg BNA has just published its 2017 Projected Tax Rates along with a projection of tax items that have been adjusted for inflation. That means that the cost of noncompliance will increase. The good news is that individuals and businesses can look...If You Are Using Virtual Currency Here’s What You Need to Know
Have you wondered how the IRS treats the recently trending Bitcoin market? So far, it’s been unclear whether Bitcoins should be classified as currency or property. However, the IRS recently announced its guidelines which can be found HERE. In short, the agency warns, “In general, the sale or exchange of convertible virtual currency, or […]
Follow Have you wondered how the IRS treats the recently trending Bitcoin market? So far, it’s been unclear whether Bitcoins should be classified as currency or property. However, the IRS recently announced its guidelines which can be found HERE. In short,...