IRS just got serious about cryptocurrency

Posted 1 CommentPosted in Cryptocurrency, Taxes

The just-released draft copy of Form 1040 Schedule 1 that starts off with the question: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” I’m sure much discussion will follow about the potential consequences of answering with a false negative. Responding with an affirmative, […]

‘Standard’ Tax Advice

Posted Leave a commentPosted in Social Media, Tax Planning, Taxes

Tax accountant, tax planner, tax preparer: What’s the difference? Tax accountants, like other professionals, spend time crowdsourcing information and advice among peers in limited-access online social media groups. The advantages of this crowd sourcing are obvious: fast, free, draw upon wide range of experiences, etc. The disadvantages are also obvious: you often get what you […]

How to be a millionaire and not pay any taxes

Posted Leave a commentPosted in Entertainment, Taxes

Some may not remember that Steve Martin was once one of our nation’s best known tax advisers. This in addition to his accomplishments as a actor, comedian, writer, filmmaker, and musician. The year: 1978. The show: Saturday Night Live. The skit: You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. […]

A primer on the China tariffs

Posted Leave a commentPosted in Financial Planning, News and Politics, Taxes

What do you need to know as a consumer about about the China trade tariffs that starts today? This is a short bullet point summary. Legal background Tariffs are taxes authorized under Title 19 of U.S Code in 1930. The tax is based on Constitutional authority “The Congress shall have Power To lay and collect […]