The IRS is sending out CP2000 tax letters to certain crypto users who received a Form 1099-K from crypto exchanges. These letters typically show a large proposed tax amount and terrifies the recipient at the first glance. This post describes how these letters are generated and steps you can take to not pay the proposed
Taxes
WASHINGTON, DC – DECEMBER 01: Sen. Mark Warner (D-VA) speaks alongside a bipartisan group of … [+] Democrat and Republican members of Congress as they announce a proposal for a Covid-19 relief bill on Capitol Hill on December 01, 2020 in Washington, DC. The roughly $908 billion proposal includes $288 billion in small business aid
CLERMONT, FLORIDA, UNITED STATES – 2020/11/21: Volunteers distribute turkeys and other food … [+] assistance to the needy at a food distribution site at Lake-Sumter State College sponsored by the Second Harvest Food Bank of Central Florida and local churches. With the approach of Thanksgiving, thousands of families in the Orlando area are in need
Given taxes and filing deadlines, would your prefer pay in 2020 or the first week in January? “Pay me next year” requests are common this time of year with employers, suppliers, vendors, customers, and more. After all, if you are paid in December of 2020, taxes are due April 15, 2021. If you are paid in early
Grover Cleveland at Desk (Photo by Library of Congress/Corbis/VCG via Getty Images) Corbis/VCG via Getty Images No matter how you voted in the presidential election, Grover Cleveland should be your guy this month. If you’re a disappointed Trump supporter, take solace in Cleveland’s singular achievement: He is the only American president to serve two nonconsecutive terms. We tend to think
December 1 is Giving Tuesday 2020. Donating stock to charities can be more effective and … [+] tax-efficient than cash donations. GETTY As the stock market reaches new highs, the needs of charities and nonprofits are greater than ever. Making donations of stock instead of cash provides critical financial support to them and a potentially
getty Hitesh Madhubhai Patel (a/k/a Hitesh Hinglaj) of Ahmedabad, India, has been sentenced to 20 years in prison for his role in operating and funding call centers that defrauded U.S. victims out of millions of dollars between 2013 and 2016. Patel, an Indian national, was prosecuted in the United States after being extradited from Singapore
Addictive substances, including alcohol, cigarettes and drugs. getty The Tax Foundation’s Ulrik Boesen discusses the excise taxes imposed on longtime vices like alcohol and cigarettes as well as more recently developed habits. This post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today
When should you take money from an inherited 401(k)? getty As part of the Secure Act, most adults who inherit a 401(k) from a parent must take the money in 10 years. Depending on your financial position and life stage, this could complicate your tax situation. After inheriting a 401(k) from a parent, consider ways
NEW YORK, NY – SEPTEMBER 19: Entrepreneur and philanthropis Sean Parker speaks onstage during … [+] Global Citizen: Movement Makers at NYU Skirball Center on September 19, 2017 in New York City. (Photo by Theo Wargo/Getty Images for Global Citizen) getty Professor Calvin Johnson of the University of Texas recently trashed an innovative tax program
Plan ahead to lower your Medicare premiums now, the move that you need to make before New Year’s … [+] Eve. AFP via Getty Images December is the time for year-end tax planning, which leaves many people forgetting to plan to lower their Medicare premiums. To be real, most people probably have no idea that
getty The IRS recently issued proposed regulations that will reduce required minimum distributions (RMDs) on IRAs, other qualified retirement plans, and annuities. It’s a small help for retirement account owners who don’t need all the money they’re required to take from their plans each year. Most owners of IRAs and other qualified retirement plans who
Every person who donated cash, canned goods, community care food boxes or frozen turkeys received a … [+] big “Turkey Drive” donor sticker as evidenced on the hand of a Kroger grocery store customer, Thursday, Nov. 19, 2020, in Jackson, Miss., during the WAPT television station’s ninth annual Turkey Drive 16. The donations received benefit
Then-Fed Chair Janet Yellen testifies before a Senate Banking, Housing and Urban Affairs Committee … [+] hearing in 2017. (Photo By Tom Williams/CQ Roll Call) CQ-Roll Call, Inc via Getty Images Wall Street reacted positively to President-elect Joe Biden’s nomination of Janet Yellen for Treasury secretary. The Dow Jones Industrial Average hit a record high
Topline After a three-month delay sparked by antitrust concerns, TurboTax-developer Intuit has received approval from the Department of Justice to move forward with its $7.1 billion takeover offer for fintech giant Credit Karma after they agreed to divest Credit Karma’s tax business to Square. TurboTax products sit on display at Costco. getty Key Facts The
Concept of moving to foreign countries and living as expat. getty In the latest installment of In the Pages, Tax Notes International contributing editor Robert Goulder sits down with the authors of the Tax Notes article “A Simple Regulatory Fix for Citizenship Taxation.” The authors discuss regulatory actions that Treasury can take that would, in the absence of legislative change,
LONDON, ENGLAND – NOVEMBER 21: A visual representation of the cryptocurrency Bitcoin on November 21, … [+] 2020 in London, England. The price of bitcoin has risen sharply in the the last two months, to a high of around 18,800 USD, gaining nearly 100% since September. This rise has propelled the price of the cryptocurrency
The United States Supreme COurt Building getty The U.S. Supreme Court has clipped the commerce clause’s nexus wings, and much ink has been spilled on whether the due process clause will enjoy a resurgence in cases on a nonresident’s tax liability. Court due process precedent abounds, cases with which state tax professionals are quite familiar. However, there
WASHINGTON, DC – DECEMBER 13: Former Federal Reserve Chair Janet Yellen speaks during her last news … [+] conference in office. (Photo by Alex Wong/Getty Images) Getty Images Janet Yellen, president-elect Joe Biden’s pick for Treasury Secretary, would come to the job with largely predictable views on tax policy for a mainstream, center-left economist. A
NEW YORK, NEW YORK – NOVEMBER 20: People wearing masks walk past the newly opened holiday windows at … [+] Macy’s Herald Square on November 20, 2020 in New York City. The pandemic has caused long-term repercussions throughout the tourism and entertainment industries, including temporary and permanent closures of historic and iconic venues, costing the