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Category: taxes

Proposed 2021 Tax Code Changes

Posted in asset protection,tax planning,taxes on January 5, 2022

As many of you know, Congress is considering changing or not changing parts of the tax code.  These are some items that are being proposed. Capital Gains – There would be no increase from 20% to 25% to the long terms capital gains rate. Corporate Tax Rate – The rate for Corporations will not be increased… (Keep reading)

The IRS Is Focusing on Virtual Currencies or Cryptocurrencies, Such as Bitcoin, Ethereum, and Dogecoin

Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.   Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency.  Therefore,… (Keep reading)

Opportunity for Year End Tax and Asset Planning

Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

First thing, of course, is be prepared.  I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis.  This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)

IRS Technology

Posted in Firm News,IRS,taxes on August 18, 2021

Anyone who has tried to contact the Internal Revenue Service in the last eighteen months can probably tell you about long wait times, courtesy disconnects and in general, a very frustrating experience.  The outdated systems and technology at the IRS were ill equipped to handle remote work and much of the work that did occur… (Keep reading)

QTIP Trusts

Posted in asset protection,estate planning,Firm News,taxes,trust on May 16, 2017

A Qualified Terminable Interest Property (QTIP) Trust is a trust that enables the grantor to look after his or her current spouse and ensure that the assets from the trust are then passed on to beneficiaries of the grantor’s choice, such as children from a grantor’s previous marriage. In addition to providing the living spouse… (Keep reading)

End of Year Donations and Write Offs

Posted in charitable donations,donations,Firm News,tax planning,tax write offs,taxes,write-offs on December 27, 2016

Here at year end many people are preparing to make charitable donations. As long as the checks are in the mail by December 31st, 2016, you will be able to write off the donation on your 2016 tax return. If you are making your donation using a bank-issued credit card, you can claim the write-off… (Keep reading)

Nevada Commerce Tax

Posted in commerce tax,Firm News,nevada business tax,nevada commerce tax,taxes on September 20, 2016

In June of 2015, the State of Nevada passed a law establishing a Commerce Tax. The tax is a gross receipts tax. Every person or entity doing business in the State of Nevada must file a return, even if no tax is due. The taxable year runs from July 1st to June 30th of the… (Keep reading)

IRS Scams – Part 2!

Posted in Firm News,identity theft,IRS,phishing,scams,tax planning,taxes on August 16, 2016

Each year, the Internal Revenue Service releases a list of the worst tax scams. These scams peak at tax season, but they happen all year round. Here’s a roundup of some of the fraudsters’ favorites. Identity theft, phone scams and “phishing” are listed as the top three forms of scams. Identity theft, of course, is… (Keep reading)