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  • Higher Tax Liability Proposed for Cryptocurrency

    Due to the changes in tax law with the Administration, cryptocurrency may face higher liability in taxation as well as alter the ability to exchange and sell the online transaction without incurring a tax charge. It is important to pay attention to these laws to avoid problems with tax returns and violations of legal tax regulations.

  • Sentencing Guidelines for Taxpayers Convicted of FBAR Violations

    Having foreign assets or income could lead to severe consequences when the individual does not disclose these details to the Internal Revenue Service. A Report of Foreign Bank and Financial Accounts, or FBAR, is necessary when these items exist, and keeping the details secret or concealed from the government may lead to severe sentencing when convicted.

  • Qualified Tax Deductions for Your Business under Section 199A

    The new tax law may provide for up to twenty percent of earnings increases without paying the Internal Revenue Service for the income based on new changes in deductions and exemptions. With these possibilities, the business may increase spending or savings without the need for additional revenue or sales.

  • Little Known Tax Deductions for Businesses

    There are many tips available for deducting taxes from income to save the company money, but there are many little-known ways to incorporate these deductions into tax returns for the business. Sometimes, it is important to seek out a professional to apply the deductions to the income tax statements and increase the amount of income saved from tax periods.

  • F2 Visa Holders, ITINs, and Tax Responsibilities

    Many visa holders are unable to acquire a Social Security Number and must file for an Individual Taxpayer Identification Number, so they are able to file for taxes within the year. This unique number is similar to the SSN, but applying is different than the standard way of acquiring the Social Security Card for American citizens.

  • Voluntary Disclosures Regarding Offshore Account Holders

    Through acquiring wealth and assets, a person may earn enough to open an offshore account, but he or she is better served through legal and tax matters to disclose these accounts to the proper authorities. If the Internal Revenue Service discovers a person holding assets outside the country, this account holder may find various fees and penalties tacked onto his or her yearly payments.

  • Stricter Bitcoin Tax Regulations Passed

    Once Bitcoin funds are sold, the Internal Revenue Service expects to receive payment for these investments just as any other item sold through invested monies. As time progresses, these agencies of the government are becoming more aggressive in seeking the payment owed with those that reside or have primary residency in the United States.

  • New State Tax Appeal Laws in California

    Changes in the state tax appeal laws affect business owners in California when attempting to appeal a tax penalty, have begun the process or want to own a business but have not started this process yet. Understanding these changes may pose a problem for many business owners due to the complex subject matter and how they could affect each person.

  • Foreign Inheritance Blocked by U.S. Tax Laws

    When inheriting a foreign estate, the individual needs to understand what laws pertain to the process so his or her inheritance does not face complications with the United States Internal Revenue Service agencies. It is recommended to contact a lawyer before attempting to import the foreign estate funds, assets or property.

  • Does Using Bitcoins Increase Your Odds of Being Audited?

    With the Internal Revenue Service attempting to wage war on Bitcoin companies such as Coinbase, it is possible that these agencies of the government may attempt to use the client and customer base to audit and progress to criminal charges against some. While this is a possibility, it does not mean anyone with Bitcoin funds run the risk of an audit.

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