"Taxation is illegal," John McAfee tweeted last year. It was part of a series of tweets about not filing income tax returns, which he claimed he was not required to do. He said he hadn’t filed any tax returns in eight years. He said his “net income is negative.” He...
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With Small Firm Service
Year: 2020
Are you paying capital gains taxes on your cryptocurrency gains?
Virtual currencies, also known as cryptocurrencies, are treated as property for the purposes of your federal income taxes. That means that gains or losses are subject to the capital gains rules. Unfortunately, that can mean you will need to keep very detailed books....
Assault investigation leads to tax charges against victims
You can call it adding insult to injury, but in this case the injuries were physical. In September 2018, York County, Pennsylvania, police responded to a shooting. Four people were involved. Robert H. had apparently gotten into a physical altercation with his wife,...
Have you incurred home office expenses due to the pandemic?
If you used to work at a company location but are now working from home, that could have tax consequences. There are a couple of situations to consider. You may have incurred some home office expenses that your company did not reimburse. Or, you may have received...
I have receipts, so I should survive my tax audit — right?
Opening up that letter from the Internal Revenue Service (IRS) can make your heart skip a beat. The federal agency has contacted you to let you know that you are the subject of a tax audit. At first you are concerned. You worry that you may have made a mistake. But...
A tax attorney can be invaluable to your business
Few business owners can do everything on their own. Seeking occasional advice from a tax attorney can help businesses continue to grow and succeed. Tax law is complicated. Having a professional guide who can help you navigate these legal waters is essential. A tax...
Proposal provides tax incentives to New York small businesses
New York City comptroller Scott Stringer earlier this month introduced a series of proposals that include tax incentives geared toward helping struggling small businesses affected by the recent global health crisis. The proposals, initiated on Aug. 5, must be agreed...
A tax audit could come in different forms
Even though the tax season has officially come to a close (finally), some New York residents may still worry about how the IRS will handle their tax information. In particular, they may have concerns about facing a potential audit. Even if individuals report...
Man faces tax-related charges for not reporting foreign income
Accusations of criminal activity can send a person reeling. His or her reputation is on the line, and that individual faces serious consequences that could result from a conviction. As a result, if someone is facing tax-related charges, it is important to have the...
Tax debt can mean you’ll be grounded
The IRS has adopted a relatively new method of forcing delinquent taxpayers to settle their debts. If you owe more than $53,000 in back taxes, you may be prohibited from renewing your passport or applying for a new passport.When will the IRS move to restrict your...