Real Property Held Primarily For Sale
As you already know, the Tax Cuts and Jobs Act removed personal property from the deferred tax treatment for like-kind exchanges. In most real-estate exchanges some amount of personal property…
Cryptocurrency
The IRS has increased the number of audits they perform regarding foreign accounts. As you may already know, if you don’t report your foreign accounts, you will be subject to…
Business Tax Deductions:
Business Tax Deductions: Home Office Deduction. According to the IRC 26 U.S. Code ??280A, https://www.law.cornell.edu/uscode/text/26/280A home-office must be in connection with your trade or business (or with your income-producing activity)…
Meals and Entertainment are surprisingly under-explained.
Meals and Entertainment are surprisingly under-explained. Let’s start with the basics: https://www.law.cornell.edu/uscode/text/26/274 explains the basics of what can be deducted https://www.federalregister.gov/documents/2020/02/26/2020-03723/meals-and-entertainment-expenses-under-section-274 explains in details https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=11982 Court Case Fitch v Commr. Court Case The…
What to do when you receive CP2000?
What to do when you receive CP2000? When the IRS sends out CP2000 letters, they explain in detail what the taxpayer needs to do to resolve the issue. CP2000 proposes…
Protect Your Family From Your Tax Problems
Protect Your Family From Your Tax Problems As you already know, not filing taxes when you are required to, is a Federal Misdemeanor. Paying taxes is not optional in the US. IRS…
Will The IRS Forget My Unpaid Taxes?
Will The IRS Forget My Unpaid Taxes? Most of us are tempted to save money. We work very hard to earn it and we don’t want to give it away…
Investment Strategy. Options.
Investment Strategy. Options. Important. This post is NOT investment advice. Investments in Etrade options are NOT FDIC-insured and may lose value all the way to $0. Buying puts/shorting a stock has…
Schedule C Expenses Disallowed
This is a brief based on a U.S. Tax Court memoranda from December 13th, 2021. On December 13, 2021, a judge (US Tax Court) ruled in favor of the Respondent…
Tax Services Online
What’s new in 2020 tax? Let’s recap 2020 deductions from adjusted gross income: jury duty 199A deduction capital losses unemployment benefits repayments foreign housing (limitations applies) unreimbursed travel expenses (National…
