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Expanded Unemployment Coverage Under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law March 27th, 2020. Among its many provisions are modifications and expansions to the country’s Unemployment Insurance system.
Free Money? Meet the Covered SBA “Loan”
The Coronavirus Relief Bill provides loans to help your small business pay it’s employees and keep the lights on, and you may not have to pay it back.
Taxing Cryptocurrency: New Rules Affecting New Currencies
Earlier this month, the IRS released Revenue Ruling 2019-24, which creates new rules regarding the treatment of hard forks for digital currency. This blog will discuss what these new rules might mean for you.
IRS Issues Safe Harbor Rule for Treating Rental Real Estate as a Section 199A Trade or Business
In the 2017 Tax Cut and Jobs Act, Congress added Section 199A to the Code which provided a deduction to taxpayers operating pass-through businesses of up to twenty percent (20%) of the taxpayer’s qualified business income.
SALT Cap of $10,000 Upheld
The states of Connecticut, Maryland, New Jersey and New York filed a federal lawsuit against the federal government alleging that the state and local tax (SALT) deduction cap was unconstitutional because it significantly impaired these four states’ abilities to pursue their own preferred tax policies.
Tax Court Denies Business Deductions Due to Poor Substantiation
Tax deductions are a matter of legislative grace, and failure to comply with substantiation requirements can have dire consequences. One family in El Paso discovered this harsh reality after an audit of their 2012 and 2013 taxes.
Saving on K-12 Tuition With a 529 Plan
The ability to deduct K-12 tuition fees results from changes made by the 2017 Tax Cuts and Jobs Act (“TCJA”). Rather than creating a new deduction, state tax savings were created indirectly by changing the rules to “529 Plans.”
IRS Begins Cryptocurrency Collection Efforts
More than ten thousand virtual currency owners will receive letters from the Internal Revenue Service reminding them of their tax reporting requirements.
FBAR Penalty Properly Assessed
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) penalties
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