Dear Valued Client,
In this edition of our newsletter, we highlight some of the critical tax law changes and year-end planning opportunities, discuss business startups and cofounders, increased IRS cryptocurrencies enforcement, IRS deficiency notices, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. We rely on satisfied clients as the primary source of new business, and your reviews and referrals are both welcomed and most sincerely appreciated!
Briggs Kim & Martinez LLP
In this edition of our newsletter, we highlight some of the critical tax law changes and year-end planning opportunities, discuss business startups and cofounders, increased IRS cryptocurrencies enforcement, IRS deficiency notices, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. We rely on satisfied clients as the primary source of new business, and your reviews and referrals are both welcomed and most sincerely appreciated!
Briggs Kim & Martinez LLP
Tax Changes For 2019
As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of them do pass, we will quickly get the details to you.
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Holiday Gifting with a Tax Twist
Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples:
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Year-End Tips for Charitable Contributions
As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from all sorts of charities with which they are not familiar.
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Cofounder Conflict Could Be One of the Biggest Threats to Your New Business
Founders know there are countless risks to their startup, but they may not realize that one of the biggest threats could be infighting among the cofounders.
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The IRS Is Hot on the Trail of Unreported Virtual Currency Transactions
Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to the IRS after the information was subpoenaed, and virtual currency traders held their breath about what the IRS would do with the information related to those 14,000 users.
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Take Tax Advantage of a Low-Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not producing a lot of income for you, or your income will be substantially lower this year than it usually is, you may be surprised to know that you actually might be able to take advantage of some tax-planning opportunities. Implementing some of these ideas will require action on your part before the close of the year. Here are some possibilities.
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Tax Benefits for People with Disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks.
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Did You Just Get an IRS Notice of Deficiency? Here's What to Do Next
A Notice of Deficiency from the IRS could be a positive or a negative – but either way, it indicates a discrepancy you need to resolve.
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How to Clean Up QuickBooks for 2020
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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