Monthly Archive:: June 2021
McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition
June 23, 2021
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TweetShareSharePin0 Shares McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition: John McAfee, who had recently been charged with various tax crimes in the United States for cryptocurrency fraud and evasion — was facing many possible years in prison if convicted. The U.S. sough to extradite
What You Should Know About Innocent Spouse Relief
June 23, 2021
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Under Separation of Liability, the IRS may decide to separate the tax debt that you owe from the tax debt that your spouse owes, even if your previously filed tax return was joint.
Maximize Your Forex Trading Success With These Helpful Tips
June 23, 2021
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TweetShareSharePin0 SharesMaximize Your Forex Trading Success With These Helpful Tips Trading well over two-trillion dollars every single day, the Foreign Exchange Market is absolutely enormous. This is why it is so intimidating to new investors. Being a small fish in a gigantic ocean isn’t fun for anyone. Everyone’s trying to eat you. That’s why it’s
State Wine Taxes | Compare 2021 Wine Tax Rates
June 23, 2021
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TweetShareSharePin0 Shares Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newfound thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon. States
“With every move he makes, another chance he takes”
June 23, 2021
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TweetShareSharePin0 Shares Today we have the pleasure of looking at an IRC 6751(b) opinion written by Judge Holmes. For long time readers of this blog, the link between Judge Holmes and Graev consequences of not following the statutory language requiring approval of the immediate supervisor are well known. His warning of Chai ghouls continues to
Net Operating Loss (NOL) Policies in the OECD
June 23, 2021
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TweetShareSharePin0 Shares Key Findings Net operating loss (NOL) deductions (carryforwards and carrybacks) help ensure that businesses are taxed on their average profitability, which makes the tax code more neutral across businesses and over time. Ideally, countries should allow their businesses to carry their losses forward and back without any limits. However, no OECD country with
A Move To Limit The Salt Cap
June 23, 2021
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TweetShareSharePin0 Shares Sanders would partially repeal the SALT cap. Senate Budget Committee chair Bernie Sanders will include a partial repeal of the Tax Cut and Jobs Act’s $10,000 cap on the state and local tax (SALT) deduction in his proposed budget resolution. He has not described details but says the cap likely would remain for
New Hampshire No Income Tax Proposal
June 23, 2021
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TweetShareSharePin0 Shares On Thursday, New Hampshire lawmakers are scheduled to take up a budget conference report which contains several tax reforms negotiated by both chambers that would ultimately make New Hampshire the ninth state to impose no tax on individual income. These reforms floated at the beginning of the 2021 session found their way into
Will New Hampshire Become the Next State to Ditch Its Income Tax?
June 23, 2021
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TweetShareSharePin0 Shares On Thursday, New Hampshire lawmakers are scheduled to take up a budget conference report which contains several tax reforms negotiated by both chambers that would ultimately make New Hampshire the ninth state to impose no tax on individual income. These reforms floated at the beginning of the 2021 session found their way into
Cost Segregation – Why isn’t my CPA already doing this?
June 23, 2021
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TweetShareSharePin0 SharesCost Segregation – Why isn’t my CPA already doing this? Most commercial property owners, even those who use professional accountants, fail to take advantage of cost segregation, a tax mechanism that could generate substantial savings in federal income taxes. While most accountants are familiar with the approach, some are hesitant to recommend it without
