An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
Alternative minimum tax refers to a percentage of taxes a taxpayer must pay the government regardless of the deductions the taxpayer claims. With the AMT, some taxpayers get to pay...
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...
On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
Purchases of new and used commercial vehicles are eligible for tax exemptions per the current tax law. Some vehicles may be eligible for higher deductions than others.The first year...
A taxpayer will often end up with a huge tax bill that will be above what they can afford. This leaves most taxpayers confused on the next cost of action. Owing Uncle Sam, a sum...
The fair treatment of taxpayers is what the Taxpayer Bill of Rights is all about. In 2014, the IRS adopted this collection of 10 taxpayer rights proposed by the taxpayer's advocate....
With an April 15 tax deadline just around the corner, getting here sooner than we all want or expect it to, last minute filers and even those individuals and businesses who begin to...
Posted by Carmen Garcia on 12/21/2020
All investors and shareholders that get dividends and distribution will have the dividend reported on IRS Form 1099. Examples of dividends reflected on the 1099 DIV form are capital...