IRS Clarifies Rules Regarding When Rental Property Activity Should be Reported as a Schedule Business
According to the IRS, not all rental property activity should be reported on Schedule E. If the property owner provides "substantial services" to short-term renters, the IRS says that the rental activity should be [...]
With new regulations IRS all but sinks the ship on state workarounds for the $10,000 SALT limit
On August 24th 2018 the IRS issued proposed regulations regarding recent state’s creation of state tax credit programs in exchange for charitable contributions. A number of states, including California, have proposed creating charitable funds where [...]
Final regulations regarding substantiation for charitable contributions
On July 30th 2018 the IRS issued final regulations relating to the substantiation and reporting requirements for charitable contributions which address substantiation requirements for contributions of more than $500 and of clothing and household items. [...]
Intentionally Defective Grantor Trusts
An Intentionally Defective Grantor Trust (IDGT) is commonly used as an effective tool for estate tax planning. An IDGT is disregarded for income tax purposes, but it is a legally valid irrevocable trust for estate tax purposes. Appreciating [...]
Deferral of Stock Options or RSU Income Available Under the Tax Act of 12/22/2017
In the past, non-statutory stock options (non-ISOs or ESPPs) and restricted stock grants/RSUs were considered taxable income at FMV at exercise/vesting, potentially creating a tax problem for an employee of a privately held company, as [...]
Reporting Bitcoin Cash
On August 1, 2017 Bitcoin Cash split from Bitcoin. Each investor that owned Bitcoin on or before the split received Bitcoin Cash in an amount equivalent to their current Bitcoin holdings. Investors who were fortunate [...]