by Leif Jensen | Nov 19, 2019 | Taxes |
Did you at any time during 2019, receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes or no? Big brother wants to know. This is an important question for the 2019 tax filing in early 2020. The IRS has redesigned...
by Leif Jensen | Nov 18, 2019 | Taxes |
The Social Security wage base rises next year to $137,700, this is a $4,800 hike. The Social Security tax rate on employers and employees stays pat at 6.2%. Both will continue to pay the 1.45% Medicare tax on all compensation, with no cap. Individuals also pay the...
by Leif Jensen | Nov 13, 2019 | Tax Court |
IRS tax liens on real estate can follow the property when it is sold. A buyer learned this lesson the hard way after purchasing realty in a foreclosure sale. Four years earlier, the Service had recorded its notice of tax lien on the property after the former owner...
by Leif Jensen | Nov 12, 2019 | Tax Court |
A man who set his own hours and worked unsupervised is determined to be an employee; not an independent contractor, the Tax Court rules. After examining all of the facts, including the following: The man worked for the same company for many years. The company withheld...
by Leif Jensen | Nov 11, 2019 | Taxes |
If you have a child due towards the end of the year be sure your child has a Social Security number if claiming the child credit. Listing applied for is no longer an option. You must put the SSN on the Form 1040 to get the $2,000 credit. Eligible children without SSNs...
