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πˆπ‘π’ πŒπ€πŠπˆππ† π‡πŽπ”π’π„ 𝐂𝐀𝐋𝐋𝐒 – π‹π€π–π˜π„π‘ 𝐔𝐏 ! (𝟏𝟐/πŸ—/πŸπŸŽπŸπŸ—)

The IRS has announced agents will be visiting taxpayers in face-to-face meetings to resolve ongoing tax issues. Taxpayers will be interviewed to gather info. And when necessary, agents will engage in collection activities. For more info, see https://www.irs.gov/newsroom/special-irs-efforts-to-focus-on-tax-compliance-education-begin -𝐁𝐔𝐓 π‘π„πŒπ„πŒππ„π‘- Under the Taxpayer Bill of Rights, taxpayers have the right to retain an authorized representative […]

𝐒 π‚πŽπ‘ππ’ ππŽπ“ π‚π‡π€ππ†πˆππ† 𝐭𝐨 𝐂 π‚πŽπ‘ππ’ (𝟏𝟏/𝟐𝟎/πŸπŸŽπŸπŸ—)

Fears that S Corporations would change their status to C Corporations to take advantage of their lower tax rates seem unfounded. The tax law lowered the tax rate for C Corps that are treated as separate entities for tax purposes and pay corporate taxes. S Corps don’t pay separate taxes like C Corps and their […]

𝐔𝐁𝐄𝐑 ππŽπ– ! – π˜πŽπ” 𝐍𝐄𝐗𝐓 ? (𝟏𝟏/πŸπŸ–/πŸπŸŽπŸπŸ—)

Media sources report that New Jersey’s Department of Labor and Workforce Development imposed a $650 million bill on UBER. Allegedly, UBER misclassified drivers as independent contractors instead employees. And in doing so, UBER avoided paying millions in normal payroll obligations. As detailed in our previous blog (NJ EMPLOYEE CLASSIFICATION AUDITS COMING-7/29/2019), New Jersey is increasing […]

𝐓𝐀𝐗 𝐇𝐄𝐋𝐏 𝐟𝐨𝐫 𝐭𝐑𝐞 πŒπˆπ‹πˆπ“π€π‘π˜ (𝟏𝟏/πŸπŸ’/πŸπŸŽπŸπŸ—)

Military personnel and their families can find tax help at the following resources: β€’ Tax Information for Members of the Military is the main page on IRS.gov where people can find helpful info, resources and services. β€’ A taxpayer’s military status affects whether they are eligible for certain benefits. Taxpayers can use IRS.gov to check […]

𝟐𝟎𝟐𝟎 πˆππ…π‹π€π“πˆπŽπ 𝐂𝐇𝐀𝐍𝐆𝐄𝐒-𝐑𝐀𝐓𝐄𝐒 & πƒπ„πƒπ”π‚π“πˆπŽππ’ (𝟏𝟏/𝟏𝟐/πŸπŸŽπŸπŸ—)

The main changes for tax year 2020 are- β€’ Marginal Rates: For tax year 2020, the top tax rate remains 37% for individual single taxpayers with incomes greater than $518,400 ($622,050 for married couples filing jointly). The other rates are: 35%, for incomes over $207,350 ($414,700 for married couples filing jointly); 32% for incomes over […]

π‘π„π“πˆπ‘π„πŒπ„ππ“ 𝐏𝐋𝐀𝐍 π‚πŽππ“π‘πˆππ”π“πˆπŽπ 𝐂𝐇𝐀𝐍𝐆𝐄𝐒 (𝟏𝟏/πŸ–/πŸπŸŽπŸπŸ—)

Cost of living adjustments have changed the dollar limitations on pension plans and other retirement-related items for tax year 2020. Here are some of the changes- β€’ The contribution limit for participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500. β€’ The catch-up contribution […]

π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜-π“π‘π„π€π“πŒπ„ππ“ (𝟏𝟏/πŸ”/πŸπŸŽπŸπŸ—)

Virtual currency is treated as property for US tax purposes. And general tax principles applicable to property transactions apply to transactions using virtual currency. Virtual currency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes. A taxpayer who receives virtual currency as payment for goods or […]

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 […]