On March 25, 2014, the Internal Revenue Service (IRS) released Notice 2014-21 stating that virtual currency is treated as property. The IRS notice can be found at
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Obamacare Tax Update
The Affordable Care Act, commonly known as Obamacare was enacted on March 23, 2010. Although both sides of the aisles have debated its constitutionality and long term viability, one thing is certain, it will tax consequences for each and everyone of us. Below I set out to guide you through the Affordable Care Act, devoid of any political discussion, focusing solely on its tax impact on you.
Read more2012 / 2013 Income Tax Planning / Tax Changes
This memo is a revision / update to our December 31, 2012 memo as Congress has concluded on some additional items. So if you haven’t read our previous one, you can delete it and read this one. The 2012 tax return process will be delayed due to these last minute changes. The law must be written, then the IRS must update the forms.
Read more2012 Winter Tax and Business Newsletter
Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners.
Read moreHow long to keep your income tax records?
Audits (or as the IRS calls them examinations) have been up over the past five years. I’m sure someone in goverment has told the IRS to find more money as we all know the Federal government has a lot of debt. So, if a taxpayer wants to prepare for an audit, how long should they keep their documents? Our general answer is four years. In general, the IRS as three years (regular statue of limitation) from the filing date to audit a tax return. Most states have four years to audit as they want time to ee if the IRS audits a return. If the IRS audits a tax return, and there are changes which require a taxpayer to pay more tax rest assured that the Federal government will tell the state(s).
Read more2011 Individual Tax Return filing due date
The IRS announced that taxpayers will have until April 17, 2012 to file their 2011 individual tax returns. The IRS will also begin accepting 2011 electronically filed tax returns begining on January 17, 2012. These updates were listed on IRS News Release IR-2012-1 which can be found on the IRS website at www.irs.gov.
Tax & Business Update – Fall 2011
Take advantage of business and tax laws that may expire for good on December 31, 2011. Mos of these tax laws benefit businesses. If Congress doesn’t extends certain business tax write-offs, make sure you consider the following items before December 31, 2011.
Read moreAre Damages or Punitive Damages Taxable?
The quick answer is damages or awards received for physical injuries or sickness are generally not taxable. However, punitive damages or awards are generally taxable if they are paid to compensate a taxpayer for non-personal injuries. Internal Revenue Code (IRC) Section 104 is the area of law that defines the taxable treatment of compensation for injuries or sickness.
Read moreTax & Business Summer 2011
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Read moreClient Update Spring 2010
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