Foreign Account Reporting Requirements (FBAR)

Foreign Account Reporting Requirements (FBAR)

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U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at…
The IRS Is Cracking Down on Cryptocurrency Tax Transactions

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

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The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational”…
Receiving Tips Can Be Taxing

Receiving Tips Can Be Taxing

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Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters;…
August 2019 Individual Due Dates

August 2019 Individual Due Dates

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August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required…
Does Your Tax ID Number Need to be Renewed?

Does Your Tax ID Number Need to be Renewed?

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According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment obligations under U.S.…
Facing a Huge Gain from a Realty Sale?

Facing a Huge Gain from a Realty Sale?

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If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years. The…
How to File Taxes After Saying “I Do”

How to File Taxes After Saying “I Do”

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A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married…
July 2019 Individual Due Dates

July 2019 Individual Due Dates

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July 1 - Time for a Mid-Year Tax Check Up Time to review your 2019 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If…
States’ SALT Deduction Workarounds Shot Down

States’ SALT Deduction Workarounds Shot Down

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The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax Cuts and Jobs Act (TCJA),…
How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…