While bitcoin and other virtual currencies are becoming more popular, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property. Well, the first step to clearing this up for federal tax purposes
Read more →Entrepreneurs often struggle with how to structure their business. My clients often pose this question to me, as they should, while trying to make sense of the advantages and disadvantages of each corporate structure. Essentially, the most simplest structure is to be a Sole Proprietor. But it is
Read more →Under the current U.S. tax rules, non-U.S. earnings are generally not subject to U.S. tax until the earnings are repatriated. While the U.S. tax system generally taxes income of U.S. taxpayers wherever earned, profits earned from active overseas businesses, as opposed to passive overseas investments, are generally
Read more →President Barack Obama released his fiscal year 2015 budget request to Congress on Tuesday March 4, 2014 and lawmakers will promptly ignore it. But the annual ritual highlights his policy priorities for the coming year and serves as a Democratic Party manifesto as Democrats seek to draw
Read more →House Ways and Means Committee Chairman Dave Camp, R-Mich., unveiled his long-awaited comprehensive tax reform package on February 26 to mixed reaction. Camp’s proposed Tax Reform Bill of 2014 would reduce the number of individual tax brackets, cut the corporate tax rate, simplify, repeal or curtail many popular
Read more →The Internal Revenue Service has issued guidance for employers whose 401(k) plans offer Roth IRA accounts for the rules governing rollovers by participants younger than retirement age. The key part of the IRS guidelines explains that any rollover made before a participant reaches age 59½ must be
Read more →House GOP leaders are unlikely to make a decision on whether to retroactively pass a group of expiring individual and business tax incentives until next spring, a senior member of the House Ways and Means Committee said on December 12. Rep. Richard E. Neal, D-Mass., speaking at
Read more →As we begin the New Year, there are three priority areas that are critical to monitor and keep abreast of: The Affordable Care Act; the Defense of Marriage Act; and IRS activity. While these are areas of interest that many businesses are already familiar with, 2014 is expected
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