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Back in 2014, the IRS issued basic guidance about bitcoin and other cryptocurrencies, and then went silent on the issues. Fast-forward to 2019: the IRS is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.

To help you comply with the law, the IRS just issues new guidance so you can navigate the complicated tax world of virtual currency. The good news: this guidance gives answers to questions that went unanswered for more than five years.

If you accept bitcoin and other cryptocurrencies in your business, or invest in bitcoin on the side, you need to read this article.

The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles...

As a tax practitioner, I know a quick tax question is an oxymoron. It’s nice, however, to be able to translate some of our CPA lingo into easily understood information, both for clients and friends. One issue that stands out to me is: when and why does it makes sense to consider...

As you grow your business and make more money, your chances of an IRS audit increase. For
example, on an individual tax return, here are your chances of audit...

It doesn’t look like any tax reforms will be enacted in President Trump’s first 100 days in office. However, U.S, Treasury Secretary Steven Mnuchin is on record as saying that he expects a new tax law to be signed during the dog days of summer...

With some of you we formed LLCs, with some we started S or C corporations, or converted your existing LLCs to S corporations. In each situation, the pros and cons of an entity choice were highly dependent on...

Several of you have talked to me about incorporating your business. Here are some tips on what you need to do and how to avoid paying taxes on the incorporation.

If you are a parent, you won't want to miss this excellent tax benefits when you file this year's federal tax return!