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Cryptocurrency

In 2014 the IRS issued Notice 2014-21 to provide guidance and some basic tax principles concerning virtual currency (i.e. Bitcoin, Litecoin, Monero, Dogecoin,NEM, etc.). The notice establishes that virtual currency is to be treated as property. So as property, the tax...

Internet of Things (IOT) updated

I was on a webinar recently and one of the slides showed that a mere 1% of “things” that could be connected to the internet currently are. So apparently “we” are not moving as fast as originally anticipated in embracing the “IOT”.  But the presentation did state that...

The smell or appearance of money.

A few years ago I met and individual who was a guest at a networking event.  He was a definite self-promoter always looking for the next way to make money. At the meeting we were seated together and at some point he turned to me and asked why I was there? Before I...

Lose of Miscellaneous Itemized Deductions

There was a large subgroup of people who were able to itemize and deduct Miscellaneous Itemized deduction on their Schedule A after the expenses surpassed 2% of Adjusted Gross Income (AGI).  All of these expenses were eliminated as deductible under the new tax law. A...

Home Equity Line of Credit

Home equity line of credit (HELOC) is indebtedness defined as indebtedness other than acquisition indebtedness secured by a qualified residence. Meaning is does not include the original primary mortgage on your principal residence. According to the new tax law for the...

Alimony

Under the new tax law (TCJA) the reporting of alimony paid as a deduction from income on the 1040 has been eliminated. In conjunction payments for alimony or separate payments received are no longer required for inclusion of income on the recipient’s income tax...

Head of Household

Head of Household (HOH) is an option for a filing status for those who have a dependent child(ren). In prior years this status was not under fire, as the Earned Income credit, Child Tax credit or the American opportunity credit.  This has changed in tax year 2018. Now...

Recordkeeping

The basics framework for financial compliance is a company’s recordkeeping or bookkeeping.  Over my career I have been fascinated and surprised by how this is accomplished or not by some companies. We work with a multitude of different clients in a number of...

Hobby expenses

Under the recent tax reform law the ability to deduct hobby expenses on Schedule A have been eliminated.  But the necessity of reporting Hobby Income is still required. A client was sharing that someone they knew was selling product on Etsy and Craigslist(?) and was...

1023-EZ

While the IRS has streamlined the approval process for a Form 1023-EZ the forms need to be filled out with the intent of compliance. Some small groups that filed Form 1023-EZ are getting additional IRS scrutiny. To file Form 1023-EX the charities have to meet the...

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