There are a few key things to know about Bitcoin for tax purposes this year. First, if you’re new to cryptocurrency, the IRS considers it “property” and it is taxed when you cash out of Bitcoin you own, or when you trade or barter cryptocurrency for any good, service or non-currency property. If … [Read more...] about Cryptocurrency and the IRS: What You Need to Know
Pay Your Taxes or You May Be Grounded
Starting in January 2018, the IRS is toughening up on taxpayers who are ‘seriously delinquent’ on tax debt by implementing new procedures that will put their passport in jeopardy. The IRS is notifying the U.S. State Department of these delinquent tax debts so that the State Department will deny the … [Read more...] about Pay Your Taxes or You May Be Grounded
Seek legal guidance if you did not file tax returns in the past
If you have unfiled tax returns as an individual or married couple, or on behalf of your business, you are not alone. Many people choose not to file their federal returns for a variety of reasons, some forget to do so and some do not understand the requirements. Talk to a tax lawyer right away You … [Read more...] about Seek legal guidance if you did not file tax returns in the past
The intersection of payment plan proposals and good faith
The IRS generally allows payment plan/installment agreement arrangements for taxpayers who've fallen behind on tax payments and are making a good faith effort to get things "square." As long as the negotiations are made in good faith and terms are reasonable (the taxpayer remains in contact with the … [Read more...] about The intersection of payment plan proposals and good faith
Who is a responsible person for IRS payroll tax obligations?
Here at the Law Office of Stanton D. Goldberg, we advise small business owners and entrepreneurs in the greater Dallas area about their federal and state tax obligations, including those concerning payroll tax withholding. We have posted here about the Trust Fund Recovery Penalty that the IRS may … [Read more...] about Who is a responsible person for IRS payroll tax obligations?
Raising funds through crowdsourcing? There are tax implications.
Popular crowdsourcing websites and applications like KickStarter, GoFundMe and others have become more widely used for a variety of fundraising needs. There have been funds established for medical bills, funeral expenses, business development and product development/invention. There was even a … [Read more...] about Raising funds through crowdsourcing? There are tax implications.