|Filed Under:||Business & Finance / Taxes|
|Posts on Regator:||1571|
|Posts / Week:||4.3|
|Archived Since:||March 8, 2011|
Reaping Bitcoin gains is nice, but paying taxes is less so. What techniques can defer or avoid taxes?
IRS Forms 1099 tell the IRS about payments you received in 2017. Pay attention to each one.
IRS is after Bitcoin and other cryptocurrency investors, and tax audits and prosecutions are looming. Yet with no 'official' IRS amnesty, addressing tax compliance can be scary.
Losing your passport could be harrowing. Yet Congress authorized the IRS to notify the state department to do just that for certain tax debts.
Most contingent fee lawyers cover costs of the case until there is a recovery. But the IRS generally says lawyers can't deduct the costs.
From New York to California, a $10,000 tax deduction may prompt the states and their residents to take drastic action. Meanwhile, some taxpayers might vote with their feet.
The Harvey Weinstein tax may have designed to hurt harassers and their companies. But plaintiffs could face a big tax hit too.
1031 exchanges of Bitcoin and other crypto assets won't qualify after 12/31/17. However, it turns out there's a way to delay this rule into 2018.
Bitcoin millionaires may want to think about taxes before they cash in, especially if they are mobile.
Moving to avoid California's taxes is already a big trend. Just imaging if state income taxes are no longer deductible.
WIth 1031 exchanges soon unavailable, Bitcoin investors may be looking for other non-taxable transfers.
Contingent fee lawyers must usually front all costs, but usually cannot write off the costs on their taxes until the very end of the case. Congress is about to make this harsh rule even more pervasive.
Getting extra damages for tax consequences is often difficult, but it is getting easier, as recent cases show.
As IRS gets access to Coinbase accounts, more Bitcoin gains are going to face tax scrutiny, and minimizing the damage is going to be important.
Rapper DMX gets a bargain, trading one count of tax fraud for the 14 he faced, and reducing what could have been up to 44 years of prison to a maximum of 5 years.
The worldwide reach of the IRS could reach into the royal family if Meghan Markle and Prince Harry are not very careful.
Many say they can make tax-free swaps of cryptocurrency, but both the House and Senate tax bills would stop the practice.
New Harvey Weinstein tax would mean no tax deduction for legal fees or harassment settlements involving nondisclosure. That would be a big change from current law.
Settling lawsuits, selling assets, and making other income triggering moves this year-end can be tricky tax-wise. But you can sometimes specify when you want to be paid.
Leaked Paradise Papers show pols and celebrities using offshore tax havens. Transparency and disclosure are becoming the universal standards.