Category: Taxes
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Small business sales tax update
I see evidence that some electronic payment processors are charging small business service providers even when no tax is due.
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Trump v. Vance Supreme Court case preview
Our matter-of-survival national crisis aside, this is an interesting legal case for Constitutional law hobbyists like me. To be clear, I blog on Supreme Court cases from time to time here as an interested hobbyist, not as an adviser and not meant to imply any level of expertise. Accounting Today did a great job of…
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IRS just got serious about cryptocurrency
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,…
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How to protect yourself from IRS Collections and Private Collection Agencies
IRS is expanding the use of private collection agencies to collect tax debt. If you are among the 1 in 15 adults who owes tax debt then there are specific steps that you should take to protect your money and your privacy. 1. You have rights. But it is up to you to know those…
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How to be a millionaire and not pay any 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..…
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A primer on the China tariffs
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…
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Exercise caution when changing your state of residence
Changing residence is an important legal issue with financial consequences. It can also be complex in some situations. I suggest giving this matter the attention it deserves in both your personal and business financial planning. Tax issues If you are moving from a higher tax state to a lower tax state be aware of the…
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Tax lessons about statute of limitations
The recently issued court opinion in Finnegan v. Commissioner, No. 17-10676 (11th Cir. 2019) emphasizes two points for taxpayers: Intentional fraud by the tax preparer can extend and hold open the statute of limitations. If a taxpayer wants to make an argument about statute of limitations, it should be raised at tax court, not in…