Taxes
IRS Tax Notices 6173, 6174, and 6174-A, What They Mean and What To Do.
Did you receive the IRS tax notice 6174, 6174A or 6173 in connection with your virtual currency transactions? If you…
IRS Releases New Guidance on Taxability for Certain Virtual Currency Transactions
Pay close attention, cryptocurrency investors: on Oct. 9, 2019, the IRS issued Revenue Ruling 2019-24 and 43 Questions and Answers,…
Utah Rules That Taxpayer May Exclude Foreign Income from Combined Water’s Edge Return
The state income tax impact of a federal income tax election may be unclear and give rise to unintended negative…
California Rules That Minority LLC Owner is Not Required to Pay the Annual LLC Tax
Taxpayers have a potential California refund opportunity for the annual $800 LLC as the Office of Tax Appeals struck down…
LLC Operating Agreement Can Terminate an S Corporation Election
Limited liability companies (LLC) should be careful that their operating agreement does not contain language that violates the criteria required…
How Do I Value Collectible Assets for Estate Tax Purposes?
Collections containing paintings, coins, jewelry, sculptures, antiques, books, vases, silverware and other valuables are often the culmination of a lifetime…
Massachusetts Will Allow Residents to Claim Tax Credit for the Connecticut Pass-Through Entity Tax
Massachusetts issued a draft directive that will permit resident members of pass-through entities that pay the new Connecticut Pass-Through Entity…
Georgia Department of Revenue Issues a Potpourri of Income Tax Guidance
The Georgia Department of Revenue issued guidance on GILTI and FDII as well as the impact of the United States…
Tennessee Provides Sales and Use Tax Guidance on Internet Database Services
Tennessee issued a private letter ruling concluding that the taxpayer’s web-based database access service was not taxable as either a…