by Steven J Weil, PhD, EA, LCAM | Oct 25, 2019 | Business Tax
Married to your business partner? As far as the IRS is conserned when two people are in business together and they don’t set-up an enity with their state they are a partnership reguardless of wheather they have a written partnership agreement and need to file a...
by Steven J Weil, PhD, EA, LCAM | Oct 23, 2019 | First Time Home Buyer IRA
Important Crypto Virtual Currency Update The IRS has issued guidance on the federal income tax treatment of hard forks (protocol changes to cryptocurrency that result in a permanent diversion from the legacy distributed ledger) and airdrops (distributions of...
by Steven J Weil, PhD, EA, LCAM | Oct 21, 2019 | Business Tax, Personal Tax
In another case of failure to ask the consequences before taking action, we recently had to tell a client that gifting a rental property to their parents locked up the suspended passive activity losses they had on the property until the property is disposed of by...
by Steven J Weil, PhD, EA, LCAM | Oct 16, 2019 | First Time Home Buyer IRA
10/16/2019 — The IRS is not kidding around when it comes to crypto and other virtual currency and tokens! It can easily be seen just how hard the IRS is working to get a handle on these transaction by taking a look at the draft copy of the new 2019 Schedule 1....
by Steven J Weil, PhD, EA, LCAM | Oct 11, 2019 | Personal Tax
The IRS releases a the first update on Virtual Currency since the 2014. The newly released guidance includes Revenue Ruling 2019-24 and a list of Frequently Asked Questions on Virtual Currency Transactions. The guidance helps clarify things like, the tax consequences...
