Income Tax Responsibilities as an Independent Contractor

Income Tax Responsibilities as an Independent Contractor

Taxpayers who engage in the gig or sharing economy, (Uber, Lyft, TaskRabbit, AirBnB, etc.) and others classified as independent contractors have different federal tax responsibilities than someone classified as an employee. Generally, once a taxpayer receives a Form 1099-NEC or...
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Cryptocurrency Tax Basics

Cryptocurrency Tax Basics

Understanding the basis tax implication of cryptocurrency transactions can help individuals avoid issue with the IRS. There are three common transaction cycles with cryptocurrency: a Purchase-Sell Cycle, a Payment-Sell Cycle, and a Purchase/Payment-Exchange Cycle. Each transaction cycle has its own...
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Updates on Denial or Revocation of U.S. Passports for Seriously Delinquent Tax Debtors

Updates on Denial or Revocation of U.S. Passports for Seriously Delinquent Tax Debtors

Tax Talk, Tax Section of the Maryland State Bar Association, Spring 2018 By John Pontius In December 2015, Congress passed and President Obama signed into law the Fixing America’s Surface Transportation (FAST) Act (Public Law Number 114-94), creating Internal Revenue...
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What Was the Offshore Voluntary Disclosure Program?

What Was the Offshore Voluntary Disclosure Program?

In 2009, the Internal Revenue Service (IRS) opened up the Offshore Voluntary Disclosure Program – commonly abbreviated OVDP – as a means of encouraging willful violators who run the risk of criminal prosecution to safely come clean with their overseas...
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