Your “hobby business” could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many enterprising people successfully develop […]
Five Tax Shelter Promoters and Two Appraisers Indicted in Syndicated Conservation Easement Tax Scheme Conspiracy Allegedly Involved Sale of Over $1.3 Billion in Fraudulent Tax Deductions The U.S. Justice Department (“DOJ”) announced on March 1, 2022 that a federal grand jury sitting in Atlanta, Georgia, returned a superseding indictment on February 24, 2022 charging seven […]
Facing A Surprise Tax Bill? Here Is Why You Should Still File Your 2021 Income Tax Return By April 18th. Why You Should Not Disregard The April 18, 2022 Filing Deadline The most important thing everyone with a tax liability should do is file a return by the April 18th due date, even if they […]
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2021 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2021, you should hold off on filing your 2021 taxes and instead file an extension. An extension is your way of asking the IRS […]
Justice Department Shuts Down Brooklyn Tax Return Preparation Business Recently, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Court for the Eastern District of New York barring Keith Sang, Kashana Sang, Tareek Lewis, Kimberly Brown and their business K&L Accounting Inc. from preparing tax returns. K&L Accounting Inc. of Brooklyn, New […]
IRS Looking For Taxpayers To Report Gig Economy Income, Virtual Currency Transactions, And Foreign Source Income And Assets Chances are you are involved in one of these areas – Income from the Gig Economy, Dealing with Virtual Currency, or Having Foreign Source Income And Assets. If so, pay particular attention to what the IRS will […]
According to a report published by the American Psychological Association in the journal Experimental and Clinical Psychopharmacology, new analysis out of the University Of Memphis contradicts the perception among the general public that cannabis leads to amotivation and diminished effortful behavior. The study examined the relation between cannabis use and effort-related decision making in a […]
Tips On Holding Cryptocurrency In An IRA To Defer Taxation Cryptocurrency was not well known and confusing for the general public to get comfortable with but with innovations in the industry starting in 2017, cryptocurrency is becoming more widely known and accepted as a means to do business. One of those innovations increasing the popularity […]
Israel’s communal farms known as “kibbutzim” have been on the brink of extinction as Israel’s economy becomes more capitalist but some kibbutzim are thriving thanks to the addition of a new crop … cannabis. Since 2016 when the Israeli government established a regulatory framework, dozens of kibbutzim in Israel have become active growers of cannabis. […]
IRS Making It Easier For Taxpayers To Come Into The Voluntary Disclosure Program A tax crime is complete on the day the false return was filed. It is a federal crime for anyone to knowingly and willfully file an income tax return that he or she knows to be false in some material way. 26 […]
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