Articles
Solo 401K Form 5500 Tax Filing and Five-Point Compliance Checklist
Solo 401(k)s have become a popular retirement plan option for self-employed persons. These plans put the business owner in control of the plan but with that control also comes responsibility. Unfortunately, many solo 401(k) plans are not properly maintained and are at...
How to Disinherit a Child from your Estate?
What do you do when you have a child you’d like to disinherit from your estate? It’s not as easy as you think, so make sure you follow the proper procedures to specifically cut them out. Don’t just leave their name out of things and think that this will accomplish...
Invested in Crypto? Here’s Everything You Need To Know About This Year’s Tax Rules
The IRS continues to issue updated guidance on all things crypto. We help you make sense of it. When you buy Bitcoin and sell it for a profit, you are subject to capital-gains taxes. This is the case whether you buy Bitcoin and sell it for dollars or whether you...
The IRS is Coming for Your Crypto. Here’s What You Need to Know.
Tax season is upon us, and if you're unsure of how this affects your crypto wallet, then you need to see this. Tax season is here, and if you’ve had any transactions related to crypto, there is a lot you need to know. Mark and I break down some vital information on...
3 Critical Legal Tips When Buying a Business
Every buyer of a small business should consider the following three key legal issues when acquiring a business. 1. Buy Assets and Not Liabilities. Most small business purchases are done as what are called “Asset Purchases”. In an Asset Purchase the buyer of the...
New IRS 1099 Rule for PayPal and Venmo Targets Very Small Businesses and Will Cause Misreporting and Errors
The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don’t have accounting departments and professionals to rely on.
Buying Crypto with an IRA
From my article on Cryptopedia IRAs can own bitcoin and other cryptocurrencies. Crypto IRAs offer many advantages, the first and foremost reason being that the gains made on selling crypto with an IRA are generally not taxable. And if you have a Roth IRA, the profits...
IRA/LLC Owner Faces Distribution After Storing Precious Metals at Home
A recent Tax Court case, McNulty v. Commissioner, held that a self-directed IRA owners “…[personal] receipt of the AE [American Eagle] coins constituted taxable distributions equal to their purchase price.” In this case, Donna McNulty established a...
Non-Wealthy IRA Savers Who Invested IRAs Into Small Business, Startups and Real Estate LLCs Targeted in ‘Build Back Better’ Plan
From my article on Entrepreneur The proposed $3.5 trillion budget-reconciliation package still working its way through Congress contains two provisions that will restrict IRA investments into startups, small businesses, and real estate LLCs. These provisions came as a...
Everyday IRA Savers Who Self-Direct Will Lose Big Under House Tax Bill
There are over one million IRA accounts that invest into real estate, small businesses, start-ups, LLCs, crowdfunding offerings, and private companies. Contrary to news headlines, these savers are not the ultra-wealthy and 98% of them have accounts less than...