When experiencing financial difficulties, it is not uncommon for people to seek help from friends and relatives. Right now, due to the covid crisis, many people are facing financial stress due to job loss, reduced wages or business closures. However, borrowing or lending by a relative or friend is not a taxable transaction from an […]
Short-term rental marketplaces such as Airbnb, HomeAway, and VRBO have made it easy for landlords and property managers to market their rental property. Experienced operators know that to be successful, they must treat their short-term rental like a business. Fortunately, the IRS agrees, so if your clients who own rental properties are already operating as […]
/https://specials-images.forbesimg.com/imageserve/5f871b72b2da3e0ad4f76d00/0x0.jpg)
In this photo, the Internal Revenue Service (IRS … SOPA Images / LightRocket via Getty Images Regulators around the world are struggling to put in place an effective tax policy for virtual currency transactions. Recently, the IRS was scrutinized by the government watchdog, the Inspector General of the Treasury for Tax Administration (TIGTA), on this […]
/cloudfront-us-east-1.images.arcpublishing.com/gray/R6NFGNV3V5BJXHG6PELZWINWDA.jpg)
ANGELINA COUNTY, TX (KLTV) – It happened again this week. A couple had inherited rural land and wanted to keep it, perhaps turn it into a farming business. Above all, they had a lot of questions and wanted to understand the myriad of taxes and regulations that seem to confuse those who do not belong […]