The wage garnishment on a federal student loan occurs when the employer deducts part of the payment to repay the student loan after non-payment. Please note that under the Covid-19...
Taxation of trust fund incomeDeath and taxes are two things that you cannot avoid in life. While there are ways to minimize your tax participation, you certainly can't get rid...
Your taxes this year may be dominated by a clear question: "At any point in 2020, did you sell, receive, send, trade, or earned financial interest in any virtual currency?"In...
The nation owes a debt of gratitude to veterans, yet sometimes these heroes come back home and pay huge taxes, which places a significant burden on them. This realization led to a...
What is barter?Barter is an act of exchanging goods or services between two or more parties, sometimes more without using a monetary medium, such as physical cash or credit card. Essentially,...
What is considered a convertible virtual currency?Convertible virtual currency is an uncontrolled digital currency. Still, it can be used as a substitute for a real and legally recognized...
A cryptocurrency wave has led to the rise of Bitcoin to over $30,000 per coin, with everyone scrambling for their share of the digital currency. However, if you are interested in cryptocurrencies,...
This year’s tax day has been delayed by the United States Internal Revenue Service from the 15th of April to the 15th of July. This means a lot of Americans won’t be worrying...
Posted by Tim Thompson CPA PLLC on 06/23/2020
2020 has been a unique year with lots of activities and interesting policies. With the distraction from the COVID-19 pandemic, it is easy to forget essential tax rules necessary. Also,...