The IRS takes sight on cryptocurrency; a new tax question concerning cryptocurrency transactions now on Schedule 1 of IRS Form 1040. Beware how you answer: https://cointelegraph.com/news/irs-crypto-tax-return-question-be-careful-how-you-answer. And possibly consider filing a Disclosure Statement with your tax return, see: https://cointelegraph.com/news/crypto-tax-disclosures-can-help-with-internal-revenue-service.
Requirement Minimum Distribution (RMD) Updates
The CARES Act waives the requirement that taxpayers take RMDs for 2020 from IRAs, 401(k) plans and other defined contribution plans. Taxpayers who already took 2020 RMDs may be able to roll them over to their other retirement plans or IRAs and avoid paying income tax on the… Read More
North Carolina Response to COVID 19
The NC General Assembly authorized remote notarization, remote witnessing, and execution of health care directives without witnesses during the state of emergency (COVID 19 public health emergency). The legislation allows for: 1) remote video notarization, 2) remote video witnessing, 3) execution of health care powers of attorney with… Read More
IRS Tax News and Notes 07.01.2020.
2020 Current Tax News and Notes from 07.01.2020. $1.4 Billion in IRS Checks to Dead Taxpayers. IRS Notices with Wrong Deadline Dates or Deadlines that have Already Passed. New IRS Deadlines Inserts in Tax Notices. Tax Deadline July 15, 2020. New Net Operating Loss NOL Rules. New Required… Read More
IRS Data Book – Official Publication of IRS Activities
The IRS recently published its 2019 IRS Data Book, which summarizes tax filings, revenue collections, taxpayer services, enforcement activities and agency operations generally. The IRS added new key information to the annual publication and addressed the agency’s response to COVID-19. See your tax dollars at work! 2019 Data… Read More
“Land Rich, Money Poor”
OIC Quick Sale Value in a COVID-19 World I am sorry Sir, the IRS rejected your Offer in Compromise (OIC) because you are “Land Rich, Money Poor”. The colloquialism describes a taxpayer with little or no disposable income but who owns real property with ample equity. This type… Read More