by Steven J Weil, PhD, EA, LCAM | Jun 29, 2021 | Blog, Business Tax, Personal Tax
Internal Revenue Service is focusing on tax evasion done with virtual currencies like Bitcoin and nonfungible tokens. This is done by using data analytics to uncover transactions that crypto users assumed are hidden. As crypto and other virtual currencies have become...
by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Business Tax, Personal Tax
Below is a list tax bills introduced in Congress for which bill text became available between June 3 and June 10, 2021. The bill text for each bill can be accessed by clicking on the bill number. Individuals: H.R.2304 – Save Social Security Act of 2021. To...
by Steven J Weil, PhD, EA, LCAM | Jun 1, 2021 | Blog, Business Tax, Covid-19
Startup Businesses that began business activities after February 15, 2020 may be eligible to receive Employee Retention Credits of up to $50,000 per calendar quarter. The credit is part of the American Rescue Plan Act (ARPA), signed by President Biden on March 11,...
by Steven J Weil, PhD, EA, LCAM | May 27, 2021 | Accounting, Blog, Business Tax
IRS WANTS BUSINESS TO KNOW WHAT IS A “RESTAURANT” IS! The IRS has lets us all know what is, and what is not, a restaurant, for purposes of the rule that allows a 100% deduction for certain business expenses for food and beverages provided by a restaurant...
by Steven J Weil, PhD, EA, LCAM | Mar 12, 2021 | Blog, Business Tax, Covid-19
The American Rescue Plan Act of 2021 was passed by congress and signed into law by the president on March 11, 2020. The law has provisions effecting individuals, businesses, pension plans and payroll in addition to funding many other unrelated items. In this post we...
by Steven J Weil, PhD, EA, LCAM | Mar 10, 2021 | Blog, Business Tax, Covid-19
𝗜𝗥𝗦 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗿𝘀 𝗖𝗹𝗮𝗶𝗺𝗶𝗻𝗴 𝘁𝗵𝗲 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗥𝗲𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿 𝟮𝟬𝟮𝟬: The IRS has issued a Notice on claiming the employee retention credit for calendar quarters in 2020. The guidance, which is similar to FAQs published on www.irs.gov , clarifies the...
