by Pierre Philantrope | Jul 20, 2022 | Tax Tip
Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert! There is a new federal filing...
by Pierre Philantrope | Jul 13, 2022 | Tax Tip
There is much to learn for the new business owner from Gregg M. Kellett’s court experience (Gregg M. Kellett, T.C. Memo. 2022-62). In 2013, while working for the Bloomberg Industry Group, Kellett purchased the vizala.com domain name and formed Vizala, LLC of which he...
by Pierre Philantrope | Jul 6, 2022 | Tax Tip
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the...
by Pierre Philantrope | Jun 29, 2022 | Tax Tip
The Internal Revenue Service send notices to taxpayers in many situations after filing a tax return or when they did not file. Unfortunately, many taxpayers ignore the notices resulting in some severe consequences. Taxpayers must answer to correspondence from the...
by Pierre Philantrope | Jun 22, 2022 | Tax Tip
The net investment income tax (NIIT) is a 3.8 percent tax that taxpayers pay in addition to what they pay according to the tax table rates when they own rental property. You pay the NIIT only if your modified adjusted gross income (MAGI) exceeds $200,000 if...
by Pierre Philantrope | Jun 8, 2022 | Tax Tip
US citizens and resident aliens are taxed on their worldwide income. For taxpayers living and working abroad, the return is due on June 15, 2022, unless 4-month extension is requested. Your tax filing obligations follow you wherever you are. The good news: there are...
Recent Comments