The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

Cryptocurrency: Taxing NFTs

Posted on August 4, 2022August 16, 2022 by Erin Humbles & Amelia Hans, Cryptocurrency Tax Assistance,

NFTs (Non-Fungible Tokens) have been around since 2014 (around the time the IRS started taxing cryptocurrency), but people only really started to notice them after the shocking sale of “Everydays: The First 5000 Days” on March 11, 2021 to Vignesh Sundaresan. “Everydays” made history as the first NFT sold at...

Cryptocurrency: Short-Term and Long-Term Capital Gains

Posted on August 4, 2022August 16, 2022 by Erin Humbles & Amelia Hans, Cryptocurrency Tax Assistance,

The first international cryptocurrency transaction occurred in 2010. Laszlo Hanyecz of Florida posted on a Bitcoin forum that he would pay 10,000 Bitcoins to anyone willing to have two large Papa John’s pizzas delivered to his house. A man from London took Laszlo up on his offer and had two...

Cryptocurrency: Understanding Taxable and Non-Taxable Events

Posted on July 28, 2022August 8, 2022 by Erin Humbles & Amelia Hans, Cryptocurrency Tax Assistance,

The first major use of cryptocurrency was through a dark-web marketplace called Silk Road that allowed people to buy and sell illicit drugs anonymously with Bitcoin. The marketplace operated for less than three years - generating $1.2 billion in profits - before it was seized and shut down by the...

Important Tax Deadlines for the Third Quarter of 2022

Posted on July 27, 2022August 4, 2022 by Erin Humbles Tax Preparation & Accounting,

Whether you’re a head of household filing taxes for your family or the owner/operator of a business filing for your company, missing tax deadlines can quickly add up to an expensive headache. The IRS can hit late filers with interest and penalties that mount up over time. The best way...

KPIs for Medical and Dental Practices

Posted on June 28, 2022July 28, 2022 by Erin Humbles Business Law,

This post follows our previous article on Key Performance Indicators and is part of our ongoing content for our business advisory services group. This one focuses on medical and dental practices. Your medical or dental practice is more than a business—it’s a community resource. Protecting that resource and ensuring the...

Understanding Tax Credits for Businesses and Individuals

Posted on June 22, 2022July 27, 2022 by Erin Humbles Tax Planning & Compliance,

Whether you file federal income taxes as an individual or on behalf of your business, a basic understanding of the tax landscape and its rules can help save you money and prevent potentially costly IRS action. Tax credits, for example, offer you the opportunity to reduce your tax obligation. Knowing...

Common KPIs for the Construction and Trades Industries

Posted on June 22, 2022July 11, 2022 by Erin Humbles Business Law,

It’s an exciting time to be in the construction industry in America. As the nation recovers from the impacts of Covid shutdowns and economic slowdown, and enters a period of growth, the construction industry stands to be a major player. The Infrastructure Investment and Jobs Act promises to renew and...

Accountability Plans – Maximize your Tax Deductions, Minimize Your Audit Risks

Posted on May 5, 2022June 22, 2022 by Erin Humbles Tax: Audits, Litigation & Collection, Audits Litigation and Collection, Law/Legal Practice Areas,

How an Accountability Plan can assist you with Tax Deductions like the Home Office Deduction With more people working from home, you may be wondering if and how the home office deduction applies to you. What is the Home Office Deduction? The home office deduction allows qualified taxpayers to deduct...

9 Questions Every Business Owner Should Ask Themselves Yearly

Posted on May 4, 2022July 11, 2022 by Erin Humbles Tax And Legal FAQs, Tax Planning & Compliance,

Below are a few questions every business owner and shareholder should consider on a regular basis. Moskowitz LLP Business Services is ready and able to consult with you on these questions and help you ensure that you are maximizing all the benefits of your business entity(ies). 1. Are your employee...

Employers With 5 or More Employees Required to Offer Retirement Savings Program by June 30, 2022

Posted on May 3, 2022May 13, 2022 by Erin Humbles Tax Planning & Compliance,

California law requires small employers with 5 to 50 California-based employees to offer a retirement savings program or enroll as a participating employer in the CalSavers Retirement Savings Program by June 30, 2022. The requirement is based on a company’s having California-based employees, regardless of the company’s state of incorporation...

Pass Through Entity Tax Payments are Due June 15 for Tax Year 2022

Posted on May 2, 2022May 5, 2022 by Erin Humbles State & Local Taxation,

The pass-through entity tax allows certain California pass-through entities to pay state income tax at the entity level. In return, qualified taxpayers can get a nonrefundable tax credit for their share of state tax paid at the entity level, thus reducing their individual income tax liability. It is important to...

2022 IRS Initiatives and Target Investigations

Posted on April 26, 2022May 3, 2022 by Erin Humbles Tax: Audits, Litigation & Collection,

The tax landscape is changing again. The Biden Administration has introduced new initiatives for 2022 as part of a push to boost IRS collection efforts and increase taxpayer compliance. The effort comes as the Administration attempts to collect unpaid or past-due tax revenue as well as to target businesses that...

Understanding Tax Accounting and the Importance of Year-Round Maintenance

Posted on April 20, 2022May 3, 2022 by Erin Humbles Tax Services,

Understanding Tax Accounting Every business needs an accounting department to log and maintain accurate records of purchases, inventory, sales, shipping, and attendant expenses. Accounting allows you not only to track growth and keep expenses in check—it allows you to evaluate the status of your business from multiple viewpoints at any...

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