Receiving a Chapter 7 discharge can be an exciting time because it is a fresh start ahead. You are no longer personally liable for those personal debts existing at the time you filed your Chapter 7 Bankruptcy. But be beware of one snag in the machinery – the… Read More
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Biden/Trump Tax Plans
JOE BIDEN Individual Tax Rate: Taxpayers with taxable income above $400,000, increase tax rate to 39.6%. Itemized Deductions: Cap the tax benefit of itemized deductions at the 28% rate. Capital Gains/Dividends: Long-term capital gains (20%) tax increase to 39.6% (top ordinary income rate) for those with incomes greater… Read More
IRS: Cage the Crypto Kraken
A quick summary of the Featured Blog Article, IRS: Cage the Crypto Kraken. In that article, it is argued that an IRS cryptocurrency tax amnesty program is the best course of action now and the fairest outcome for taxpayers. Most notably, it points out that Millennials, early twenties… Read More
Important Update to North Carolina Sales and Use Tax
This legislative season, NC expanded its sales and use tax reach to many transactions involving digital assets, and importantly, expanded the statute of limitations on “proposed” sales and use assessments. Effective June 30, 2020 and applies to assessments not barred by the statute of limitations prior to such… Read More
Form 1040 Cryptocurrency Disclosure
For tax season 2020, there is a new cryptocurrency disclosure question on IRS Form 1040. And if you ever wondered whether the IRS is really taking cryptocurrency taxation seriously – the crypto question appears on the new 1040 before naming your Dependents. Expect to answer this question honestly:… Read More
Updates on ABLE Accounts
On October 2nd, 2020, Proposed Regulations concerning the “Achieving a Better Life Experience” Act of 2014, or ABLE accounts, became Final. ABLE accounts help people with disabilities and their families save for and pay for disability-related expenses. The contributions to ABLE accounts are not deductible, but distributions are… Read More