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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
Internal Revenue Service Approves DNA Testing Medical Deduction
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.
Taxpayer Advocate Services
To help create a more just and less frustrating experience, recently retired Taxpayer Advocate Nina Olson proposed, and Congress adopted, a “Taxpayer Bill of Rights,” which ensures things such as the right to be informed, the right to appeal, and the right to a fair and just tax system, among others.
Section 199A: Specified Services and Rental Activities
While it is clear that being designated as an SSTB will have significant negative tax implications for owners, it was not entirely clear at the creation of Section 199A which businesses would fall under this definition.
Wage and Property Limitations Under Section 199A
Earlier this month we outlined the new Section 199A of the Tax Cut and Jobs Act, which provides a 20% deduction to certain pass-through businesses. Today we take a closer look at the asset and wage limitations that restrict the deduction for high-earners.
Deduction for Owners of Pass-Through Businesses
Many of our readers are likely already aware of the Sec. 199A “Qualified Business Income” (QBI) deduction. For those who aren’t, this deduction provides a 20% reduction in taxable income for owners of pass-through entities, such as sole proprietorships, partnerships, and S-Corporation shareholders.
Attorney Fee Case Spotlights Probate Fraud
The Court of Appeals of Kansas recently clarified a statute regarding the recovery of costs and attorney fees in probate cases. KSA 59-1504 allows a person named in a will or codicil to recover the costs of probating the will, even if unsuccessful, as long as it was done in good faith.
Tax Regulatory Shake-up in the Works
The sweeping tax reforms recently proposed by Donald Trump’s White House have given rise to a high degree of media scrutiny, public debate, and strongly held personal convictions.
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