January 22, 2020
This is a roundup of tax news and opinion. Opinions found at the link are those of the authors of the linked item, not of your bloggers or of Eide Bailly. “$” means link may be behind a paywall.
Cryptocurrency Summons Should Be Narrowed - Kristin Parillo, Tax Notes ($). “A California federal magistrate judge has recommended that a court uphold an IRS summons seeking data on an individual’s Coinbase Inc. holdings, but narrow the date range of the information requests.”
Bitcoin and other cryptocurrency transactions are taxable, and the IRS is finding ways to track them down. Learn more about Cryptocurrency rules here.
IRS announces tax relief for victims of earthquakes in Puerto Rico (IRS release). “The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after December 28, 2019 and before April 30, 2020, are granted additional time to file through April 30, 2020.”
Georgia Legislature Approves Marketplace Bill - Tax Notes ($). “H.B. 276, as passed by the House and Senate, would require marketplace facilitators to collect and remit sales and use tax on behalf of their marketplace sellers if the total value of their in-state sales — their own sales combined with third-party sales — for the previous or current year is at least $100,000.”
Many states have required remote seller tax collection since the Supreme Court issued the Wayfair decision. Learn more here.
Tax Cuts 2.0 in 90 Days, Tougher Tariff Talk, State Tax Tensions - Renu Zaretsky, Tax Policy Center. “President Trump says the White House will reveal new tax cut plan in 3 months.”
Congress Could Improve Both the Tax Code And Health Coverage By Redesigning The Tax Subsidy For Employer-Sponsored Insurance - Howard Gleckman, TaxVox “Repealing—but not replacing--the exclusion would result in a significant average tax increase for middle- and upper-middle income households. However, if Congress uses some of the new revenue to increase subsidies for those who purchase in the non-group market, the changes could reduce net after-tax insurance costs for millions of people.”
Reforming Massachusetts Corporate Excise Tax for S Corporations - Michael Lucci, Tax Policy Blog. “Massachusetts’ corporate code creates an extra tax liability for S corporations that is unique compared to other states”
PG&E Gets $470 Million Tax Deduction For Fire Settlements - Robert Wood, Forbes.
Decoding your W-2 - Don’t Mess with Taxes. "Every employer will send you, if required, a W-2. So if you worked multiple salaried jobs, expect an annual earnings statement from each."
This is a roundup of tax news and opinion. Any opinions expressed or implied are those of the author and not necessarily those of Eide Bailly. Opinions found in linked items are those of the authors of the linked item, not of your bloggers or of Eide Bailly. “$” means link may be behind a paywall. Items here do not constitute tax advice.