Real-estate Exchanges

Like-Kind Exchanges 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 is still included. Likely, there is a proposed…

The IRS has incr…

The IRS has increased the number of audits they perform regarding foreign accounts. Cryptocurrency Profit and Tax to the IRS The IRS has increased the number of audits they perform regarding foreign accounts. As you may already know, if you…

Tax Deductions…

Tax Deductions For a Business 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) (1)Certain business use Subsection (a) shall not apply to…

Meals and Entert…

Meals and Entertainment Deduction 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 IRC explains the basics:…

Taxpayers? Tax…

Taxpayers? Tax Problems Can Be Avoided With A Timely ?Heads-up? from VirtTax Inc. 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…

Protect Your Family…

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 doesn?t forget unfiled tax returns. Taxes don?t just go away.…

Will The IRS Forget…

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 to the government, no matter how much they claim they…

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