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Bare Bitcoins — No Fourth Amendment Privacy In Virtual Currency Records

Bare Bitcoins — No Fourth Amendment Privacy In Virtual Currency Records

Virtual currency has been around for a number of years now, and yet many still believe virtual currency transactions provide a level of anonymity and privacy not afforded by other types of monetary transactions. That simply isn’t true. With the right tools and understanding, it is possible to uncover the identities of virtual currency users. Moreover, virtual currency has led to the evolution of financial regulations, tax regulations, and legal regulations. In July, the Fifth Circuit dealt with whether Bitcoin users had certain Fourth Amendment protections from unreasonable searches and seizures. In short, they do not.

Bitcoin Transactions, Generally

Virtual currencies may take many forms, but the “Bitcoin” is perhaps the most well-known. Furthermore, Bitcoin transactions function in a very specific way. Bitcoin users maintain an “address,” which is a string of alphanumeric characters, much like a bank account number. A company or organization may form multiple addresses and combine them into a separate, centralized address, known as a “cluster.”

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How To Select A Financial Advisor: The Least You Should Know (Part 14A In eBook Series)

How To Select A Financial Advisor - Ed Mahaffy, Little Rock, Arkansas

Chapter 14: Variable & Equity-Indexed Annuities

An annuity is the generic term for a financial product that will make a series of payments to an individual over time. These are known as fixed annuities. The level of payments, the amount of time, and the rate at which payments will increase (if at all) are part of the offer of the specific annuity. They are unique for each individual, but they are based on factors such as how much is invested in the annuity, the annuitant’s health and age (that is, anticipated years of receiving the annuity). Annuities meeting this description
are a source of steady income (cash flow) during a time when the stock market has been very volatile.

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Corporate Tax Executives Are Organized With TaxCalendar

Corporate Tax Executives Are Organized With Tax Calendar

Corporate tax executives searching for the best way to organize multiple international, federal, state and local, property, sales/use and VAT filings and deadlines are now turning to an easy to use organizer Tax Calendar. While many corporate entities may still be using Excel to track these tax filing deadlines, there are good reasons tax executives are adopting Akore TaxCalendar.

First of all is the ease of use. Implementing an organization that everyone on the corporate team can access in the cloud that is easy to use is the “holy grail” of software these days. This is the number one feature every tax executive searches for these days. Tax Executives want software that is so easy to navigate anyone can understand it!

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IRS Provides Tax Inflation Adjustments For Tax Year 2021

IRS Provides Tax Inflation Adjustments For Tax Year 2021

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments.

Highlights Of Changes In Revenue Procedure 2020-45

The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. Beginning with returns due after Dec. 31, 2019, the new additional tax is $435 or 100 percent of the amount of tax due, whichever is less, an increase from $330. The $435 additional tax will be adjusted for inflation.

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Tax Professionals: Contact Us For Business Talk Show Program

Advertising Tax Services

We are reaching out to TaxConnections Members to refer to business talk show programs. As a TaxConnections CEO, I have developed relationships with business show programs who will interview our members and sponsors. The purpose of this program is to help our members and sponsors get their message out to a steady stream of prospective clients. You must be a member or advertising sponsor to be selected for this business interview. There is no cost to you to be referred to one of these talk show programs.

TaxConnections serves the tax business community by promoting our members to a steady stream of executives in businesses small, medium and large. We deliver our platform directly to the desk of business executives; we promote the content of our members  publications, webinars and events; we spotlight interview members; and direct message to taxpayers all over the world. Our site is supported by Tax Professional Membership Subscription and by organizations marketing their services and products to the tax community nationally and internationally.

Please contact us if you would like to promote and market your services and products under our Sponsor Program. You can also call 858.999.0053 x100 to leave a message and we will get back to you with details on our Sponsor Program.

Attorneys Discuss Key Insights On IRS Voluntary Disclosure: Listen To The Freeman Law Project Podcast

Attorneys Discuss Key Insights On IRS Voluntary Disclosure: Listen To The Freeman Law Project Podcast

In this episode of the Freeman Law Project, host Jason B. Freeman is joined by Matthew Roberts and Ryan Dean as they delve into the concept of an IRS voluntary disclosure. The discussion covers the history of the voluntary disclosure practice, its evolution, and key insights and observations from years of practice representing taxpayers with IRS fraud and tax-related criminal exposure.

Listen To Podcast At This Link

Presented By Jason Freeman, Matthew Roberts and Ryan Dean.

34th Anniversary Of TRA86 Enactment – What’s Changed And Still Needed?

34th Anniversary of TRA86 Enactment - What's Changed and Still Needed?

On October 22, 1986, President Reagan signed the Tax Reform Act of 1986 (PL 99-514). Take a look at this picture at the Social Security Administration website to see a group of men from the tax committees cheerily watching the president sign the bill outside of the White House. At the time, we had a Republican president and controlled Senate and a Democrat controlled House, all working together and holding numerous hearings about the reforms).

The TRA86 lowered rates and broadened the base. Prior to TRA86, the top corporate rate was 46% and the top individual rate was 50%. Today, the top corporate rate is 21% (flat, no longer graduated) and the top individual rate is 37% (goes back to 39.6% after 2025).

The new rates:

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IRS Provides Tax Inflation Adjustments For Tax Year 2021

IRS Provides Tax Inflation Adjustments For Tax Year 2021

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.

Highlights of changes in Revenue Procedure 2020-45: The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. Beginning with returns due after Dec. 31, 2019, the new additional tax is $435 or 100 percent of the amount of tax due, whichever is less, an increase from $330. The $435 additional tax will be adjusted for inflation.

The tax year 2021 adjustments described below generally apply to tax returns filed in 2022.

The tax items for tax year 2021 of greatest interest to most taxpayers include the following dollar amounts:

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U.S. Department Of The Treasury On Tax Expenditures And Exclusions From 2018 To 2028

US Department Of Treasury

TAX EXPENDITURES
The Congressional Budget Act of 1974 (Public Law 93–344) requires that a list of “tax expenditures’’ be included in the budget. Tax expenditures are defined in the law as “revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.’’ These exceptions may be viewed as alternatives to other policy instruments, such as spending or regulatory programs.

Identification and measurement of tax expenditures depends crucially on the baseline tax system against which the actual tax
system is compared. The tax expenditure estimates presented in this document are patterned on a comprehensive income tax,
which defines income as the sum of consumption and the change in net wealth in a given period of time.

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Tax Jobs For Millennial Tax Professionals Who Want To Enjoy Skiing And Working All Winter In Park City, Utah

Tax Jobs In Park City, Utah Or Work Remote

This job is available to all interested and qualified tax professionals, not just millennials. We encourage all qualified tax professionals of every generation who love to ski to apply.

TaxConnections Member Blake Christian is well known nationally and internationally for his expertise in Opportunity Zones. As an expert in real estate and Tax Partner for HCVT, Blake is looking to add two more tax professionals to his team in Park City, Utah. He is searching for both a Tax Manager and a Tax Senior or Tax Supervising Senior. In addition to a great career path you can also work for the team (remotely) in a fantastic ski town with unlimited outdoor activities or stay where you currently reside.

The firm has a sterling reputation with a diverse practice of entrepreneurial businesses, High Net Worth individuals, international elements, as well as a fast-growing national #OpportunityZone practice.

Job Description Follows:

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Ask Ed: Financial Planning Questions And Answers

Ask Ed: Financial Planning Questions And Answers

Once I read Ed Mahaffy’s book titled “How To Select A Financial Advisor: The Least You Should Know”, interviewed him, reviewed his video library, I knew we had the right person for this special financial planning series. On Fridays, TaxConnections presents questions often asked of a Financial Planner.

Ask Ed:  Financial Planning Questions And Answers

Question: Other than receiving my permission to have your custodian debit my investment account for your fee, do you take custody of, or will you have access to my assets?

Answer: Allowing an advisor to debit your investment account for his/her fee is standard practice in the financial services industry; however, that should be the only direct access for withdrawals that the advisor should have. You should avoid permitting an advisor to have physical “custody of your investments assets” or the ability to make withdrawals or transfers from your account(s) without express specific prior consent to each such withdrawal or transfer. Generally, Fee-Only advisors will not expose their clients to these “custody” type situations. When you use a Fee-Only advisor, an unaffiliated brokerage firm will usually maintain physical custody of your investment assets.

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Complimentary Webinar: Legal Team On IRS Enforcement Initiatives, Tax Court Developments, Property Tax And More

IRS Enforcement Initiatives
Freeman Law Legal and Tax Update 
As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During this information-filled webinar, our team will cover:

• IRS Enforcement Initiatives
• Recent Tax Court Developments
• Property Tax
• Syndicated Conservation Easement Settlement Initiative
• Bankruptcy Developments

Oct 27, 2020 03:00 PM in Central Time (US and Canada)
Have a question you want legal team to cover?
Contact Jason Freeman via email to ask question.