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π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜-πƒπ„π…πˆππˆπ“πˆπŽπ (𝟏𝟎/πŸ‘πŸŽ/πŸπŸŽπŸπŸ—)

Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like β€œreal” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, […]

𝐍𝐄𝐖 π’πŽπ‚πˆπ€π‹ π’π„π‚π”π‘πˆπ“π˜ ππ”πŒππ„π‘ π’π‚π€πŒ (𝟏𝟎/πŸπŸ–/πŸπŸŽπŸπŸ—)

In the latest scam with Social Security numbers (SSN), scammers threaten to suspend or cancel your SSN. Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up. The IRS and its […]

π…π€πŒπˆπ‹π˜ ππ”π’πˆππ„π’π’ 𝐓𝐀𝐗 πˆπ’π’π”π„π’ (𝟏𝟎/πŸπŸ‘/πŸπŸŽπŸπŸ—)

When family members operate a business together, certain tax rules apply-like when: β€’ Both spouses carrying on the trade or business-If spouses carry on a business together and share in the profits and losses, they may be partners even if they don’t have a formal partnership agreement. β€’ Qualified joint venture-Spouses may elect treatment as […]

π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ 𝐓𝐀𝐗 π†π”πˆπƒπ€ππ‚π„ (𝟏𝟎/𝟐𝟏/πŸπŸŽπŸπŸ—)

Guidance in Rev. Rul. 2019-24 provides that a β€œhard fork” not followed by an β€œairdrop” of units of a new cryptocurrency does not result in gross income to owners of the original cryptocurrency. And Rev. Rul. 2019-24 provides that a hard fork followed by an airdrop of units of a new cryptocurrency results in gross […]

𝐁𝐔𝐃𝐆𝐄𝐓 πƒπ„π…πˆπ‚πˆπ“ & 𝐓𝐀𝐗 ππ€π˜πŒπ„ππ“π’ (𝟏𝟎/πŸπŸ”/πŸπŸŽπŸπŸ—)

The Congressional Budget Office (CBO) estimates the September 30, 2019 fiscal federal budget deficit was $984 billion. That amount is estimated at 4.7 % of gross domestic product (GDP), the highest since 2012. And 2019 was the fourth consecutive year in which the deficit increased as a percentage of GDP. CBO notes significant tax payments […]

πŸπŸŽπŸ’πŸŽ 𝐭𝐨 π€π’πŠ π€ππŽπ”π“ π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ (𝟏𝟎/πŸπŸ’/πŸπŸŽπŸπŸ—)

A second early release draft of the 2019 Form 1040, Schedule1, Additional Income and Adjustments to Income, inquires about Virtual Currency. On the top of the page below the Name Section, the following question appears: β€œπ‘¨π’• π’‚π’π’š π’•π’Šπ’Žπ’† π’…π’–π’“π’Šπ’π’ˆ 2019, π’…π’Šπ’… π’šπ’π’– π’“π’†π’„π’†π’Šπ’—π’†, 𝒔𝒆𝒍𝒍, 𝒔𝒆𝒏𝒅, π’†π’™π’„π’‰π’‚π’π’ˆπ’† 𝒐𝒓 π’π’•π’‰π’†π’“π’˜π’Šπ’”π’† π’‚π’„π’’π’–π’Šπ’“π’† π’‚π’π’š π’‡π’Šπ’π’‚π’π’„π’Šπ’‚π’ π’Šπ’π’•π’†π’“π’†π’”π’• π’Šπ’ π’‚π’π’š π’—π’Šπ’“π’•π’–π’‚π’ […]

πˆπƒπ„ππ“πˆπ“π˜ ππ‘πŽπ“π„π‚π“πˆπŽπ 𝐟𝐫𝐨𝐦 𝐭𝐑𝐞 πˆπ‘π’ (𝟏𝟎/𝟏𝟎/πŸπŸŽπŸπŸ—)

The IRS is expanding the opt-in Identity Protection Personal Identification Number (IP PIN) program to taxpayers in an additional 10 states for the 2020 filing season. This brings the availability of IP PINs to taxpayers in a total of 19 states and the District of Columbia. The opt-in program is designed for taxpayers who are […]

π“π€π—ππ€π˜π„π‘ ππˆπ‹π‹ 𝐨𝐟 π‘πˆπ†π‡π“π’ (𝟏𝟎/πŸ–/πŸπŸŽπŸπŸ—)

SURPRISE! Taxpayers have rights when dealing with the IRS. Ten specific rights comprise the Taxpayer Bill of Rights and they cover a wide range of topics and issues that directly affect taxpayers. The ten rights are- 1. The Right to be Informed 2. The Right to Quality Service 3. The Right to Pay No More […]

πˆπ‘π’ π’π„πˆπ™π”π‘π„π’ πƒπŽπ–π-𝐁𝐔𝐓 π„π‘π‘πŽπ‘π’ 𝐔𝐏 (𝟏𝟎/𝟐/πŸπŸŽπŸπŸ—)

Taking a taxpayer’s property for unpaid tax is referred to as a β€œseizure.” To ensure that taxpayers’ rights are protected, specific rules apply to many aspects of the seizure process-from taxpayer notification through sale or redemption of the property. The study determined that in recent years seizures have decreased by 58 percent from 776 in […]

π‘π„π‚πŽπ‘πƒ π‘π„π‚πŽππ’π“π‘π”π‚π“πˆπŽπ 𝐀𝐅𝐓𝐄𝐑 𝐀 πƒπˆπ’π€π’π“π„π‘ (𝟏𝟎/πŸπŸ—/πŸπŸŽπŸπŸ–)

The IRS issued tips for taxpayers who need to reconstruct records after a disaster. Reconstruction provides substantiation for deductions and losses-essential for tax purposes, getting federal assistance or insurance reimbursement. See https://www.irs.gov/newsroom/tips-for-taxpayers-who-need-to-reconstruct-records-after-disaster-strikes And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/