Mark Gleason's Taxation of Small Business Blog

Taxation of Virtual Currencies – Hard Fork

Long awaited guidelines from the IRS on how to tax a “hard fork” have recently been issued. The concept of a “hard fork” didn’t exist prior to July of 2017 when “bitcoin cash” was created. IRS Revenue Ruling 2019-24 explains … Continue reading

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Taxation of Virtual Currency Transactions – Basics

IRS Notice 2014-21 spells out the basic concepts of how transactions in virtual currencies are taxed. I boiled them down for you and here’s what’s left. For IRS purposes, virtual currency is not treated as currency (legal tender). It is … Continue reading

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New Per Diem Rates for Business Travel Deductions

The IRS has revised their simplified per diem reimbursement rates for lodging, meals, and incidental expenses effective October 1, 2019. These rules provide convenience to employers and employees by eliminating the need to save detailed receipts for employee travel reimbursements. … Continue reading

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The Most Difficult Sentence To Understand In The Tax Code

The Most Difficult Sentence To Understand In The Tax Code Today I am going to share with my readers, Internal Revenue Code Section 509(a), which is supposed to be “legendary as the most difficult sentence to understand in the tax … Continue reading

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Get Your Social Security Estimate Online

In 2011, the Social Security Administration (SSA) stopped the previous practice of sending out annual estimates of Social Security Benefits. However, there is an online calculator on Social Security’s web site which gives users a good picture of what their … Continue reading

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Is Your Will Up To Date?

Is Your Will Up To Date? If your will (or revocable trust document) has not been revised in the past five years, it’s time to dust it off and see if it still states your wishes.  Changes in your family … Continue reading

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IRS Boosts Service Dogs

IRS Boosts Service Dogs Service dogs, the canines that lead the blind and provide emotional support, have been gaining in popularity.  They are helpful in many contexts and enjoy special status under the Americans with Disabilities Act.  They also have … Continue reading

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The Greatest Tax Cheat In History

The Greatest Tax Cheat in History Paul Daugerdas, a lawyer and certified public accountant from Wilmette, Illinois, seems to have won the world record for the biggest tax cheat in all history. He was sentenced recently to 15 years in … Continue reading

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Revenge is a Dish Best Served with Hard Cold Cash

Revenge is a Dish Best Served with Hard Cold Cash A recent Tax Court Summary Opinion tells a tale of greed, betrayal, and revenge. Mr and Mrs Kososki were in the process of terminating their marriage.  Shortly before separating they … Continue reading

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Money Laundering 101

How’s that for a catchy title for a blog post? My friend Richard says that I remind him of Barry the Money Launderer, one of the characters in his favorite TV series, Burn Notice.  I am not an expert in … Continue reading

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