This week the IRS released new guidance for taxpayers who engage in transactions involving virtual currency. The Service updated its frequently asked questions (FAQs) on the IRS website, and issued Revenue Ruling 2019-24. This is the first time the IRS has released any guidance since...
Tax season is over, and Spring is here; it’s time to strategize. Proactive planning is vital to staying ahead of the curve and avoiding unpleasant surprises. The tax code was re-vamped in 2018 and many taxpayers were caught off guard. While taxes were generally cut for most individuals,...
The year is winding down, which means it’s time to start preparing for tax season. The Tax Cuts and Jobs Act has been in effect since January, which has made planning a bit more complicated than usually. But there is still time to make some...
The U.S. tax system is a pay-as-you-go tax system, meaning taxpayers need to pay taxes as income is earned or received. Employees typically have income tax withheld from paychecks. However, if you don’t have income tax withheld from your pay, or you don’t have enough...