The new “sharing” or “gig” economy has given us all the option to earn a little extra cash on the side.  If you’re a driver for rideshares like Uber or Lyft,  rent property through a service like HomeAway or Airbnb, or participate in any other trendy “gigs”  like consulting through Upwork, the IRS has created a website to help spell out what part of your profit belongs to the government.

IRS-related scams are now entering a new territory: Obamacare. In late September, the IRS issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

Now that the IRS Section 179 deduction permanently offers small businesses an immediate expense deduction of up to $500,000, some of the property you may have leased in the past could serve you better when purchased, at least from a tax deduction standpoint

In 1996, United States Senator Alfonse M. D’Amato, Chairman of the Senate Banking Committee, began an inquiry into Swiss banks’ involvement in hiding Holocaust victims’ assets. Specifically, the inquiry examined the procedures by which the Swiss banks conducted the initial search in 1995 that stated that only 893 accounts were found, holding $32 million. The committee conducted the new review which was being undertaken by the Committee of Eminent Persons (EP Committee), also known as the Volcker Commission

Access to the IRS e-File PIN service was removed in June following what the agency calls “additional questionable activity.”  The PIN numbers are only the latest in a history of the IRS being hacked, compromising taxpayer information.

If you work with a provider of payroll, benefits, HR, tax administration or regulatory compliance assistance, you should be aware of a significant law change made by Congress.  Companies that offer these services—often called professional employer organizations (PEOs)—can voluntarily apply to the IRS for inclusion in an IRS certification program

designed to help clarify their tax responsibilities.

Steven Bankler, CPA, was recently asked to offer his expertise in an article about Donald Trump’s tax returns for the nationally known publication Tax Notes. Why the fascination with Trump’s taxes? Do we simply want to prove that Trump’s income is much lower than he advertises? (As the article states, Trump puts his wealth in the $10 billion range, while Forbes and Fortune estimate he’s worth $200 million to $4 billion)

You may be surprised to find out that if you regularly purchase goods online, you’re likely also regularly breaking the law. How so? It’s because you may be inadvertently disregarding the “use tax” on those goods.  

Freelancers do it, nonprofits do it, even up-and-coming family businesses (as well as 70 percent of all Fortune 500 companies) do it. No, it’s not falling in love. It’s trading goods and bartering services. And you may be surprised to know that it’s an entirely taxable event.

Wilco, Coldplay, Radiohead. What do these rock bands have in common? It’s more than just great music, it’s a passion for ending tax havens (sheltering money in a foreign country or independent area where taxes are low). Surprisingly, rock bands have a long and fascinating history when it comes to forging ahead into uncharted tax strategy territories.