by hoodlawkc | Tax Planning
A lot of our friends and clients here in the Kansas City area send their children to private schools and pay dearly for the privilege. According to privateschoolreview.com, the average yearly tuition for elementary school is over $6,000, and the average for high...
by hoodlawkc | Tax Planning
More than ten thousand virtual currency owners will receive letters from the Internal Revenue Service reminding them of their tax reporting requirements. Three variants will be sent: Letter 6173 appears to be addressed individuals who buy, sell and trade...
by hoodlawkc | Tax Planning
In a recent decision, the failure of the IRS to follow its internal procedure as set forth in its Internal Revenue Manual for IRS revenue agents and/or revenue officers, does not negate the assessment of FBAR (Report of Foreign Bank and Financial Accounts)...
by hoodlawkc | Tax Planning, Tax Law
Looking for ways to zero out your Flex Spending Account at year-end? The IRS may have a way to help. In a Private Letter Ruling, the Service recently decided to allow the deductibility of at least portion of DNA test kits from providers like 23andMe and MyHeritage....
by hoodlawkc | Tax Planning, Tax Law
Let’s face it, Americans dread bureaucracy, and when it comes to bureaucracies, there are few as imposing as the Internal Revenue Service. Complaints and jokes about the seemingly unending string of numbered forms, schedules, tables, and references are a...
by hoodlawkc | Business Law, Tax Law, Tax Planning
In a previous blog post regarding the new Section 199A “Qualified Business Income” deduction, we mentioned that the deduction is reduced or eliminated for higher income owners of Specified Service Trades or Businesses (“SSTBs”). These are businesses that typically...
