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Fun Thanksgiving Turkey Talk With Family And Friends

Fun Turkey Facts To Know

1. Although Thanksgiving is widely considered an American Holiday observed on the fourth Thursday of every November, it is also celebrated in Canada as the second Monday of every October. Other countries that celebrate Thanksgiving include Germany, Japan, Grenada, Liberia, The Netherlands and Norfolk Islands.

2.The first Thanksgiving was observed in Plymouth, Massachusetts in 1621 at the Plymouth Plantation where Pilgrims held a three day harvest feast to celebrate a successful growing season.

3. President Abe Lincoln declared Thanksgiving a National Holiday.

4. Turkeys have poor night vision but the men in my family who have hunted wild turkey for Thanksgiving dinner tell me they are very smart critters who can fly up to 55 miles per hour (farm raised domesticated turkeys cannot fly because they are fat and heavier).

5. A 16-week-old turkey is called a fryer and a five to seven month old turkey is called a young roster.  A group of domesticated turkeys are called a “Rafter”. A group of wild turkeys is called a “Flock”.
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Excited For Thanksgiving? Breaking Down The Sales Tax Implications Of Your Big Turkey Dinner

Excited For Thanksgiving? Breaking Down The Sales Tax Implications Of Your Big Turkey Dinner

As the big day approaches, you may be finalizing your grocery list for your delicious Thanksgiving feast. While many items you purchase for Thanksgiving dinner will be sales tax free, there are a few key things to be aware of. In this blog post, we break down the sales tax implications of your big turkey dinner. Stay informed and have a happy Thanksgiving!

Turkey Dinner Sales Tax Obligations

First, we look at the most essential part of Thanksgiving — the food! Currently, you will only be taxed on groceries in 11 states, and many of these 11 have either reduced or paused that charge as inflation rates soar.

Maybe you decide to bypass the stress of cooking and choose to eat out at a restaurant or order takeout. If you do eat at a restaurant, you will be charged sales tax in most states. Check out this comprehensive guide to see what you may be charged on top of your base meal price. If you would rather eat from the comfort of your home and decide on takeout, this guide lists your state’s sales tax prices for prepared foods consumed at home.

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NRA Withholdings – No Guns, Just Taxes (It Is Not About The National Rifle Association, It Refers To U.S. Federal Taxes)

NRA Withholdings—No Guns, Just Taxes

The term “NRA withholding” is not a reference to deductions from a person’s paycheck to support the National Rifle Association. Instead, it is a general term that refers to federal tax withholdings on payments of U.S.-sourced income to foreign persons under Sections 1441 to 1443 of the Internal Revenue Code. Foreign persons should be mindful of their tax filing and payment obligations under this regime.

NRA Withholding, Generally

As a general matter, a foreign person is subject to U.S. federal taxes on its U.S.-sourced income. A foreign person’s U.S. income (with certain exceptions) is subject to a U.S. tax rate of 30 percent.[1] The applicable federal tax is generally withheld (i.e., the NRA withholding) from the total payment submitted to the foreign person. Taxpayers should consider the following relevant areas associated with NRA withholdings:

Who Is Subject to NRA Withholding?

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Americans Abroad With Local Investments That Are “Foreign To The US” Live Under The Sword Of Damocles

JOHN RICHARDSON

Prologue – The “Take Away” And Summary For Americans Abroad

The general message is contained in the above twitter thread. Americans abroad are likely to have financial involvements with a number of different kinds of “entities” that are “local” to them and “foreign to the United States. Examples may include: pension plans, tax advantaged savings plans, small business corporations and more. The descriptive title of these “entities” is irrelevant to their classification under US tax rules.

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Innocent Spouse Relief, Equitable Factors Under Section 6015(f)

Innocent Spouse Relief, Equitable Factors Under Section 6015(f)

Parker v. Commissioner, T.C. Memo. 2022-110 | November 15, 2022 |Paris, J.| Dkt. No. 6054-19

Short Summary: This case involves whether a taxpayer is entitled to relief from joint and several liability regarding a deficiency in federal income tax under 26 U.S.C. § 6015(f).  Haywood Earl Parker Jr. (Parker) and Jaqueline Ann Parker (Ann Parker) married in 1988 and divorced in April 2018. Parker has severe health problems and his only income as of 2012 arises from Social Security (SS) disability payments. Ann Parker received a ­settlement award in relation to a discrimination claim she asserted against her employer. The Parkers filed their joint tax return for 2016, where they excluded the attorney’s fees or noneconomic and compensatory damages from the settlement amount. They considered those amounts were non-taxable from a call held with the IRS.

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IRS Promises More Enforcement Of Foreign Nationals In The United States

ALICEA CASTELLANOS

A newly re-funded IRS is promising more scrutiny on non-U.S. citizens over taxes. Protecting yourself in this new environment means knowing American tax rules and proactively getting the right help.

Foreign nationals living and working in the U.S. may soon be in the crosshairs of a re-energized Internal Revenue Service.

A representative of the IRS Office of Chief Counsel reportedly told an audience at a recent American Bar Association Tax Section conference that compliance among foreign nationals in the U.S. will be a priority and focus of the IRS.

This comes on the heels of the tax agency getting some $80 billion from the landmark U.S. Inflation Reduction Act signed into law last August. The IRS will receive the money over a decade, with a major portion of the funds earmarked for enforcement (and hiring as many as 87,000 new agents).

That number may be deceptive – heavy attrition in personnel and many past years of underfunding may mean the agency mostly replaces what it’s lost – but the IRS has still pledged sharper scrutiny on rich tax cheatscrypto investors and others to close America’s huge gap in tax collection.

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Tax Director, US Tax Opportunity (2.5B Global Media Company)

Tax Director, US Tax Opportunity (2.5B Global Media Company)

TaxConnections Executive Search Services division has been retained to conduct a search for a Director, US Tax Group for a large integrated producer broadcaster listed on the UK Stock Exchange. As one of the largest media networks in Europe, this media company creates and distributes a wide range of high quality, world-class content, and award winning, family-oriented entertainment for viewers.

We sincerely appreciate your taking the time to review this opportunity and forward this to anyone you believe would like to learn more. Your privacy is always protected working with us!

Director, US Tax Group (Company Flexible On Location)

This 2.5B, public listed global media company creates and distributes scripted and unscripted entertainment. It has studio business in 12 countries outside of the U.K, including a sizeable business in the U.S. Given their major centers of activity in New York, New Jersey, Connecticut, California (San Francisco, North Hollywood, Los Angeles), Colorado, Georgia, Louisiana, London, the company is open and flexible on location for the role of the
Director, US Tax Group.

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SEC Charges Kim Kardashian For Unlawfully Touting Crypto Security

SEC Charges Kim Kardashian For Unlawfully Touting Crypto Security

The Securities and Exchange Commission announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.

The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”

“Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” Chair Gensler added.

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You Are Invited To Open House In Provo, Utah On Friday, November 18th 2022 To MIT Modular Manufacturing Facility

You Are Invited To Mit Modular

Event: Open House To MitModular
Place: In Person, Provo, Utah, MITModular Manufacturing Facility
Date: Friday, November 18th, 2022
Invitation: Contact Individuals Listed Below To Secure Your Private Invitation. Real Estate Investors Love This Tax Deferral Program

MIT Modular is proud to showcase its new 20,000 sq. ft. manufacturing facility where we are taking single-use shipping containers and developing them into power-positive, sustainable housing models (ranging from single-unit Accessory Dwelling Units to multi-family, stackable designs). Be on the lookout for your official invite!

Combining the sustainable, flexible, and cost-effective modular housing designs with the community renovation focus of the federal Opportunity Zone Program, makes MIT Modular a national model for helping solve the housing shortage while creating well-paying jobs and improving under-served communities. We are well-positioned to supply creative and functional housing to a variety of consumers including low-income, homeless, workforce, vacation, AirBnB landlords, retail, and special-purpose users.

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SEC Statement Urging Caution Around Celebrity Backed ICOs

CAUTION

SEC Division of Enforcement and SEC Office of Compliance Inspections and Examinations

 (This “Caution Notice” Was Posted On The SEC Site Nov. 1, 2017)

Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments.  These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.  The SEC’s Enforcement Division and Office of Compliance Inspections and Examinations encourage investors to be wary of investment opportunities that sound too good to be true.  We encourage investors to research potential investments rather than rely on paid endorsements from artists, sports figures, or other icons.

Celebrities and others have recently promoted investments in Initial Coin Offerings (ICOs).  In the SEC’s Report of Investigation concerning The DAO, the Commission warned that virtual tokens or coins sold in ICOs may be securities, and those who offer and sell securities in the United States must comply with the federal securities laws.  Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.  A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.  Persons making these endorsements may also be liable for potential violations of the anti-fraud provisions of the federal securities laws, for participating in an unregistered offer and sale of securities, and for acting as unregistered brokers.  The SEC will continue to focus on these types of promotions to protect investors and to ensure compliance with the securities laws.

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Risk Of Holding Digital Assets Through Custodial Wallets

Holding Digital Assets Through Custodial Wallets

Non-Custodial Wallets v. Custodial Wallets: Considerations for Holding Digital Assets

Introduction: The FTX Collapse, Custodial Wallets, and Bankruptcy Concerns

The recent headlines regarding cryptocurrency exchange FTX’s collapse, and subsequent bankruptcy filing have put renewed focus on whether customers of a cryptocurrency exchange should hold digital assets through a custodial wallet. When a customer holds digital assets through a custodial wallet the service provider holds both the public key and the private key and effectively has control over the assets. The issue for cryptocurrency exchange customers is if a cryptocurrency exchange files for bankruptcy protection are the customers’ digital assets property of the exchange’s bankruptcy estate and available to be used to satisfy debts of other creditors? Bankruptcies involving cryptocurrency exchanges or cryptocurrency lending platforms is a developing area of the law and presents issues of first impression. Recent cryptocurrency bankruptcies include Voyager Digital LLC, Celsius Network LLC, and most recently FTX Trading Ltd. If customers of a cryptocurrency exchange or cryptocurrency lending platform hold their digital assets in a custodial wallet, rather than a non-custodial wallet (i.e., a private wallet), it may increase the risk that such assets are treated as corporate assets of the exchange or lending platform.

Risks of Holding Digital Assets in a Custodial Wallet

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IRS Automated Underreporter Program, Gifts From Employer, Accuracy-Related Penalty

IRS Automated Underreporter Program, Gifts From Employer, Accuracy-Related Penalty

Freeman Law Tax Court In Brief

Fields v. Comm’r, T.C. Summary Opinion 2022-22 | November 10, 2022 | Panuthos, Special Trial J. | Dkt. No. 2925-20S (IRS Automated Underreporter, gifts from employer, unreported gross income, and accuracy-related penalty)

Summary: Pursuant to 26 U.S.C. § 7463(b), this decision is not reviewable by any other court, and the opinion shall not be treated as precedent for any other case. The case regards a deficiency determination and a 26 U.S.C. § 6662(a) accuracy-related penalty assessed against petitioners, Jennifer Fields (“Jennifer”) and Walter Fields (with Jennifer, the “Fields”). Jennifer worked for Paragon Canada ULC. Paragon Canada ULC operated in Canada, and it operated in the U.S. as Paragon Gaming (collectively, Paragon). She had a personal relationship with the CEO of Paragon, Scott Menke. On a few occasions, Paragon wired funds to or for Jennifer’s personal benefit, such as for use as a down payment to purchase a residence or other unspecified.

In January 2017, she separated from Paragon. In a severance agreement, the respective parties agreed to a write-off of certain employee advances totaling $79,581.50. A revised draft severance agreement modified the consideration but was never signed. Jennifer executed a Form W–9, Request for Taxpayer Identification Number and Certification, which was provided to Paragon. Paragon issued to Jennifer and filed with the IRS a Form 1099–MISC, reporting $79,581 in other income for the year in issue.

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