Congress Asks the IRS to Extend the 2020 Tax Season. Will the April 15 Filing Deadline Change?
Update 3/2/2021: The IRS has extended the Tax Filing Deadline to June 15th for Oklahoma and Texas. The April 15 tax filing deadline is fast approaching — maybe a little too fast. Because we’re still dealing with the awful ramifications of COVID-19, Congress has asked the IRS to extend the tax return filing season beyond […]
Bitcoin & The IRS: Here’s What Your Cryptocurrency Holdings Mean for Tax Season
“Trust me,” your weird nephew said. “Bitcoin’s gonna be huge.” It was 2010. You probably laughed off the suggestion. Back then, after all, it took 5,000 Bitcoins to buy a large pizza. But maybe, just maybe, you listened and bought into crypto early. If so, good for you. Bitcoin has exploded in value since its […]
IRS Error Sends Millions of Stimulus Payments to the Wrong Bank Accounts
If you use a tax preparer service like TurboTax, Jackson Hewitt, or H&R Block, there’s a good chance the IRS sent your second round stimulus payment to the wrong bank account last week. The IRS is rushing to fix the error, while millions of taxpayers wait for their $600 checks. TurboTax announced on Friday that […]
IRS Statute of Limitations: How Far Back Can The IRS Audit You?
You have received an IRS audit letter via certified mail. You’ve never been audited before. And, you are worried about what this means for you or your business. After the initial shock wears off, you will no doubt start thinking about what an IRS audit actually is. No doubt you grabbed your smartphone or laptop […]
IRS Collections and the COVID-19 Pandemic
Like most people, the team at Boxelder Consulting is still coming to grips with the jolting shift in reality we’ve all experienced in just three or four short weeks. The COVID-19 public health crisis has hit us all hard, and the resulting economic fallout could take months, if not years, to recover from. As the number […]
4 Factors That Can Cause Tax Refund Delays
The arrival of tax season has brought about one of the chief concerns of the year for most people throughout the country: tax refund checks. For many Americans, tax refund money is one of the most significant sources of additional income during a given year. The majority of tax refund checks are between $2,000 to […]
The Crypto-Currency Act of 2020 in Congress Sets More Clear Bounds for Crypto-Property
The federal regulation of cryptocurrency and other crypto-assets is an issue of major significance. Slowly but surely, the federal government and its many agencies have taken note of the growth of cryptocurrency and have attempted to exercise control and authority. We’ve discussed, for instance, the IRS’ public statements on the taxation of bitcoin and other […]
The Potential Negative Effects of Section 280E and One-Sided Marijuana Taxation
Back in 1981, a court case took place which involved a cocaine trafficker who attempted to assert his rights to deduct ordinary business expenses under federal tax law. Section 280E was created as a direct response to this case. As we’ve discussed in our previous post, IRC Section 280E forbids businesses which generate income from […]
What These Two Cases Could Tell Us About the Future of Section 280E and Cannabis Taxation
The cannabis industry continues to change rapidly throughout the United States. Many states, including Washington State and Colorado, have legalized marijuana for both recreational and medicinal purposes. Other states have legalized marijuana strictly for medicinal purposes but may permit recreational use in the future. Because the recreational cannabis industry is relatively new, the industry still […]