Articles - Page 29 of 60 - Foodman CPAs and Advisors

What is Reasonable Cause for the IRS?

December 2018

What is Reasonable Cause for the IRS? was published by JD Supra on 12/7/18. In the US, Taxpayers “self-assess and voluntarily” pay taxes. The IRS position is that Voluntary Compliance occurs when a Taxpayer makes a “good faith” effort to meet

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Do you own a Rental income is reportableor a vacation home that you rent out?

November 2018

Do you own a second home or a vacation home that you rent out? was published by JD Supra on 11/30/18. Rental income is reportable on a Taxpayer’s tax return. Certain expenses such as mortgage interest, real estate taxes, casualty losses,

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IRS Guidance on Business Meals is Transitional

November 2018

IRS Guidance on Business Meals is Transitional was published by JD Supra on 11/30/18. The Tax Cut and Jobs Act (TCJA) amended Section 274 of the Internal Revenue Code (IRC) created a confusion for Taxpayers by disallowing a deduction for expenses

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Government Agencies are spending money to track down Virtual Currency

November 2018

Government Agencies are spending money to track down Virtual Currency was published by JD Supra on 11/27/18. Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering,

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2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency

November 2018

2018 is almost over and still no guidance from IRS on the treatment of Virtual Currency was published by JD Supra on 11/21/18. On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging

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Understanding Estate and Gift Taxes

November 2018

Understanding Estate and Gift Taxes was published by JD Supra on 11/21/18. Although only .2% of US Taxpayers actually pay Estate Taxes (Congress’s Joint Committee on Taxation), it is important to understand how Estate Tax works in conjunction with gifting. Taxpayers

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Foreign Trusts and the IRS

November 2018

Foreign Trusts and the IRS was published by JD Supra on 11/21/18. A Foreign Trust can be a legitimate instrument for US Taxpayers that may have family members in foreign jurisdictions, have foreign business interests or are the beneficiaries of trusts

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Virtual Currency (VC) Holders NEED to KEEP RECORDS

November 2018

Virtual Currency (VC) Holders NEED to KEEP RECORDS was published by JD Supra on 11/14/18. Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records. Keeping adequate VC books and good records will assist a Taxpayer to:

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The US and Costa Rica have a New Tax Information Sharing Agreement!

November 2018

The US and Costa Rica have a New Tax Information Sharing Agreement! was published by JD Supra on 11/14/18. On April 20, 2018, the Governments of Costa Rica and the U.S.A. signed a new version of their AGREEMENT BETWEEN THE GOVERNMENT

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Is Virtual Currency worth the Risk?

November 2018

Is Virtual Currency worth the Risk? was published by JD Supra on 11/6/18. We have read that Virtual Currency (VC) is a “speculative asset” that under certain circumstances may be used to pay for goods or services or be held for

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Banker will go to jail over FATCA

November 2018

Banker will go to jail over FATCA was published by JD Supra on 11/2/18. On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal

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What is your Work Status? Employee or Independent Contractor?

October 2018

What is your Work Status? Employee or Independent Contractor? was published by JD Supra on 10/25/18. Worker classification or work status has an effect on how a Taxpayer will pay federal income taxes, social security and Medicare taxes, and how a