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October 2019 Archives

Own cryptocurrency? Tips to avoid scrutiny from the IRS.

The Internal Revenue Service (IRS) has ramped up its efforts to track down taxpayers who have failed to report cryptocurrency. The most recent effort involved mass mailings to taxpayers who own the asset, whether they were required to report it on their tax filings. More on that effort is discussed in a previous post, available here.

Taxes & loan forgiveness: 3 things CA students need to know

Finding the right college is not easy. The number of universities and colleges throughout the country can be overwhelming. Each student must find the right university to meet their needs. Once they find this dream school, they must figure out how to cover the expenses that come with going to college. For many, this means taking out student loans.

Itemized or standardized: Which tax deduction is right for you?

The Tax Cuts and Jobs Act (TCJA) was the biggest piece of tax reform in decades. Although it led to many notable changes, one that impacts almost every taxpayer involved an increase to the standardized deduction amount. Upon passage of this law, the standardized deduction rates were set at $12,200 for tax payers filing singly or married filing separately, $24,400 for those married filing jointly and $18,350 for those filing as head of household for the current filing year.

Do you need to renew your ITIN?

An Individual Taxpayer Identification Number (ITIN) is defined by the Internal Revenue Service (IRS) as a tax processing number assigned by the IRS to taxpayers who are not eligible to receive a Social Security Number (SSN). These numbers are helpful for those who require a federal tax identification number but cannot get an SSN. Although intended only for tax identification purposes, it is not uncommon for schools and banks to also refer to these numbers for identification purposes.

College admission scandal sparks change for CA tax law

The college admissions scandal involved Hollywood elite and wealth parents from throughout the country. California was the location of universities and colleges implicated in the scheme as well as individuals accused of partaking in the scheme.  

IRS announces new tax rules for those with stock in foreign corps

United States taxpayers with stocks in controlled foreign corporations (CFCs) may soon see some tax relief. These individuals and entities were hit hard with recent tax reform. The Tax Cuts and Jobs Act (TCJA) resulted in a broadening of income inclusions for those with stocks in certain CFCs. As a result, they may have found themselves with an unexpected tax bill or possibly the subject of an audit if the feds decided the taxpayer failed to properly complete their tax returns.