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What is an IRS Audit Reconsideration?

Have you received a notice from the IRS saying your tax return was audited (or the IRS created a return for you) and you owe taxes, and you disagree with the tax the IRS says you owe? The IRS typically mails an audit report (sometimes called an examination report) to you within a few weeks after conducting...
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Are Mortgage Insurance Premiums Deductible?

Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, or a second mortgage. You can’t deduct home mortgage interest unless the following conditions are met. You file Form 1040 or 1040-SR and...
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CDTFA Cannabis Taxation Fundamentals

If you own a business in California that sells cannabis and/or cannabis products, the CDTFA will require your business to register with the CDTFA for a seller’s permit and regularly file sales and use tax returns. In addition to a seller’s permit, the CDTFA requires distributors to register with the CDTFA for a cannabis tax...
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The IRS made it easier to set up a payment plan

The Internal Revenue Service has announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options...
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California Sales Tax Remote Seller

California requires some remote sellers to register with CDTFA and collect and remit sales tax. Moreover, the new use tax collection requirement for a remote seller will apply to taxable sales of tangible personal property to California consumers on and after April 1, 2019, and is not otherwise retroactive. Retailers that exceed the $500,000 sales...
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Form 8300 IRS Penalties

Generally, if you’re in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300. The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement...
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Does the IRS consider my business a hobby?

Frequently, the IRS audits schedule C sole proprietorships. The IRS has issued hobby rules to help taxpayers determine whether their activities qualify as a trade/business or a hobby. Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what...
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Is Mining Crypto Currency Taxable?

The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Moreover, many taxpayers are unaware of the rules of taxation of crypto currency. Virtual currency is defined as a digital representation of value that functions as a medium of exchange, a unit...
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