Taxes

WAUCONDA, IL – AUGUST 25: A home is offered for sale by the develper in the Liberty Lakes … [+] subdivision on August 25, 2010 in Wauconda, Illinois. (Photo by Scott Olson/Getty Images) Getty Images Of the many issues dividing President Trump and Joe Biden—climate change, mail-in voting, immigration, wearing masks in a pandemic—one of

As we end the Q3 2020, let’s look at what happened in the past quarter in the crypto tax compliance world (What Happened In the Cryptocurrency Tax Space In Q2 2020). Infamous Crypto Question Was Moved To The Front & Center Of Form 1040 The 2020 draft Form 1040 released by the IRS on August,

Topline President Trump made over $11 million endorsing two multi-level marketing companies in the 2000s for which he and his children would later be sued for fraud, according to the New York Times, which revealed for the first time how much money the future president received for hawking the MLMs, and that those two endorsements

Rising gas prices on the Ethereum network have significantly cut into users’ profits. Luckily, if reported correctly, you can convert these burdensome gas fees into tax savings.  What Is Gas? Gas is the transaction fee you have to pay to the Ethereum network to execute transactions. Gas is measured in gwei, a subunit of the

3d illustration of two cranes building 100 dollars getty Our first glimpse of individual income tax returns affected by the Tax Cuts and Jobs Act indicates that the 2017 tax law seems to have benefited higher-income taxpayers the most and, as in prior years, the income tax is not progressive at the high end. Recently published data

getty The COVID-19 pandemic and social distancing have accelerated a trend which has been underway for many years – the closing of houses of worship. There are many reasons a congregation, parish, or other religious community might close down their physical house of worship. If the physical property will no longer be in use for

churchpropertylocater.com Over the past decades, many commentators have observed declining religious attendance, particularly in small towns and rural communities. This has meant empty and underutilized churches and other religious buildings with the added burden of fixed costs. When contributions from the congregation decline (or vanish completely), this can make maintaining the property unfeasible. If the

If you collect a legal settlement is it taxable? Usually yes, but the tax treatment varies depending on how you were damaged, how the case was resolved, how checks and IRS Forms 1099 were issued and more. Whether you settle your case, win a judgment, or even if your dispute only reached the letter-writing phase, taxes apply

US President Donald Trump speaks to the press as he makes his way to board Marine One from the South … [+] Lawn of the White House in Washington, DC on September 24, 2020. – Trump is on a two-day campaign swing through North Carolina and Florida. (Photo by MANDEL NGAN / AFP) (Photo by

When I tell people that I’m a tax accountant, they invariably ask, “Is the tax law really as complicated as people say it is?”  OK, that never really happens, because as a tax accountant, I generally avoid engaging other humans in conversation. But if that question ever WERE asked, I would finally, FINALLY, have a

Photo taken in Athens, Greece getty It is hard to overestimate what a dismal fiscal future the Congressional Budget Office foresees. In its new long-term budget estimate, CBO projects that in just 30 years, the national debt will rise to nearly twice the US’s  total economic output, from less than 80 percent last year. As

It’s nice to read a feel-good story like the one about an Arkansas man who found a massive 9-carat diamond in a public state park in Arkansas. Thirty-three year old Kevin Kinard found the 9.07 carat whopper in the Crater of Diamonds State Park on Labor Day. It is the second-largest ever found at the park,

There is no such thing as bad publicity. That may be what is proved by the continuing growth of the syndicated conservation easement industry in 2018 in the face of dire warnings from the IRS. According to a recent IRS report publicized by the Senate Finance Committee, the number of participants increased from 14,000 to

Economic Security Planning, Inc. Today’s column addresses questions about receiving spousal benefits after receiving retirement benefits, whether it’s possible to reduce a benefit amount to remain under a limit and applying for disability benefits while working and receiving survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Topline House Democrats are likely to release a smaller coronavirus relief package sometime next week if they don’t agree to a deal with Republicans before then, according to multiple reports confirmed by House Speaker Nancy Pelosi on Thursday. House Democrats look set to introduce a smaller stimulus bill next week if an agreement can’t be

Committee for Greater LA report, “No Going Back,” calls for fighting inequality and racism as … [+] response to pandemic. Committee for Greater LA Six months into the Covid pandemic, many people are asking when we can “return to normal.”  But a remarkable new report “No Going Back:  Together for an Equitable and Inclusive Los Angeles” rejects that

getty Beginning in January 2021, the Internal Revenue Service (IRS) will be expanding the voluntary Identity Protection PIN (IP PIN) program. What Is An IP PIN? An IP PIN is a six-digit number assigned to eligible taxpayers to help prevent tax refund fraud on federal income tax returns. An IP PIN helps the IRS to

Disney’s new CEO Bob Chapek seen here at Hong Kong Disneyland. The company paid less than half a … [+] percent in federal taxes last year. ASSOCIATED PRESS Depending on who you ask, paying taxes contributes to the commonwealth of a nation. But if you can avoid it, it contributes to the company’s bottom line,

Uniswap is a popular decentralized cryptocurrency exchange which has gained a lot of popularity in the past few months. On September 16th 2020, it distributed a governance token called, UNI, to reward early adopters of the platform. So far, over 150,000 addresses have claimed UNI tokens.  UNI Tokens Are Taxable As Ordinary Income Per the

WASHINGTON, DC – SEPTEMBER 16: U.S. President Donald J. Trump speaks to the press during a news … [+] conference in the James Brady Press Briefing Room of the White House on September 16, 2020 in Washington, DC. Trump continues to trail challenger Joe Biden in the polls with the election less than two months