Warning!!! Pre-paid State and Local Taxes are NOT DEDUCTIBLE in 2017 If they are due in 2018!

By of MillarLaw A Professional Corporation On Sunday, December 17, 2017

  Assuming that the Tax Cuts and Jobs Act (“TCJA”) passes both Houses of Congress and is signed by the president, there will be monumental changes in the Internal Revenue Code on the individual and corporate tax levels. One example is the limitation on the part of individuals to deduct state and local taxes (“SALT”). … Continue reading Warning!!! Pre-paid State and Local Taxes are NOT DEDUCTIBLE in 2017 If they are due in 2018!

US prosecutors seek tenfold increase in offshore evasion sentences

By of MillarLaw A Professional Corporation On Sunday,

A conviction for failure to report offshore financial account now carries a far greater risk of a lengthy prison term according to Mark Daly, senior litigation counsel at the U.S. Department of Justice. US prosecutors seek tenfold increase in offshore evasion sentences The Journal STEP is reporting that the US DoJ will, in future, press … Continue reading US prosecutors seek tenfold increase in offshore evasion sentences

Coinbase to turn over information to IRS. What does it mean for the bitcoin day trader?

By of MillarLaw A Professional Corporation On Saturday, December 2, 2017

By Ani Galyan Esq, CPA, LLM On December 6, 2016 the Department of Justice (DOJ) served a “John Doe” summons to Coinbase, a San Francisco based exchange of cryptocurrency, to produce records of accounts held by U.S. taxpayers for the period of 2013 through 2015. In IRS Notice 2014-21, the IRS took the position that … Continue reading Coinbase to turn over information to IRS. What does it mean for the bitcoin day trader?