Tax and Accounting Blog, San Diego

/Tax and Accounting Blog, San Diego/
23 08, 2019

Is It Time for a Payroll Tax Checkup?

By |2019-08-23T14:52:39+00:00August 23rd, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Tax ReformUnderpayment PenaltiesW-4 Modifications for 2020Withholding EstimatorPenalty Abatement Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of [...]

21 08, 2019

The IRS Has Cryptocurrency on Its Radar

By |2019-08-21T21:59:57+00:00August 21st, 2019|Categories: Uncategorized|0 Comments

Article Highlights: IRS FocusAbout CryptocurrencyTax Treatment IRS Compliance ProgramLetters Being Sent If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it [...]

19 08, 2019

How to Write Off Worthless Stock

By |2019-08-19T22:54:03+00:00August 19th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Tax Loss for a Security Sold or That Is WorthlessProving Worthlessness Selling a Worthless Stock by Year-endBrokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of [...]

14 08, 2019

Tax Ramifications of Disposing of a Vehicle

By |2019-08-14T22:56:26+00:00August 14th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Trading in a VehicleSelling a VehicleGifting a VehicleDonating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car [...]

8 08, 2019

Foreign Account Reporting Requirements (FBAR)

By |2019-08-08T18:13:43+00:00August 8th, 2019|Categories: Uncategorized|0 Comments

Article Summary: Foreign Account Reporting RequirementFinancial Crimes Enforcement NetworkPenalties for Failure to FileType of Accounts AffectedForm 8938 Filing Requirements U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts [...]

7 08, 2019

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

By |2019-08-07T18:16:47+00:00August 7th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: IRS Enforcement CampaignVirtual CurrencyValuationTransactionsCharacter of the Gain or LossForeign Currency TransactionsForeign Bank and Financial Account (FBAR) ReportingPayment for Goods and ServicesAcquiring Virtual CurrencyVirtual Currency MiningEmployee PaymentsIndependent Contractor Payments1031 Exchanges The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions [...]

6 08, 2019

Minimizing Tax on Social Security Benefits

By |2019-08-06T16:36:25+00:00August 6th, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Income as a FactorFiling Status as a Factor85% Maximum TaxableBase AmountsDeferring IncomeMaximizing IRA Distributions Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the [...]

2 08, 2019

Receiving Tips Can Be Taxing

By |2019-07-29T16:19:02+00:00August 2nd, 2019|Categories: Uncategorized|0 Comments

Article Highlights: Collecting TipsTip SplittingService ChargesRecord KeepingEmployer Reporting Allocated Tips Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people. Tips are amounts freely [...]

31 07, 2019

August 2019 Individual Due Dates

By |2019-07-29T16:07:24+00:00July 31st, 2019|Categories: Uncategorized|0 Comments

August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding [...]

29 07, 2019

The Best Ways to Maximize Your Savings for Retirement

By |2019-07-29T15:59:28+00:00July 29th, 2019|Categories: Uncategorized|0 Comments

According to one recent study, the vast majority of Americans who are between the ages of 55 and 64 say that they have only saved, on average, about 12% of what they’ll need to live out their retirement years in comfort. Things have gotten so severe that experts believe that about 64% of working aged people in [...]