In March 2021, the IRS announced the launch of Operation Hidden Treasure, a new enforcement initiative for tax violations related to cryptocurrency. Over the next few years, those taxpayers who have not properly reported cryptocurrency transactions can expect to hear from the IRS, most likely in the form of audit notices. The world of digital Read more about IRS Operation Hidden Treasure[…]
Jordan Rosenfeld asked Harvey to quote on the family who earns over one million dollars a year and how they budget and spend their money. From mortgage payments, to real estate taxes, home repairs, car leases, privates schools, medical & dental expanses, travel & entertainment, and charitable contributions…everyone will enjoy Harvey’s “inside look” in this Read more about In the News: GoBankingRates[…]
South Dakota has been a pioneer in pro-business and pro-investor rulings since 2009 when it eliminated a law that imposed caps on credit card interest rates. Harvey is asked about South Dakota’s favorable position on asset protection, privacy, and estate planning in this Axios article written by Felix Salmon “How South Dakota Became a Global Read more about In the News: Axios[…]
In a landmark decision, the United States Tax Court sided with the Estate of Michael Jackson in its forceful disagreement with the IRS audit determination regarding the values of Jackson’s likeness/image and music at his date of death. Using the Income Approach to estate valuation, Jackson’s experts emphasized his tainted reputation, debt-encumbered music assets, and Read more about In the News: Wealth Management[…]
Breaking news of the Bill and Melinda Gates divorce. Rumor has it they did not have a prenuptial agreement but instead used a separation agreement to define and protect each of their interests. Harvey explains how assets are structured before, during, and after divorce in this fascinating article entitled “Bill and Melinda Gates are among Read more about In the News: MarketWatch[…]
The IRS is backlogged with recording certain tax payments and processing paper return filings due to coronavirus procedural changes at their nationwide mail receipt and processing centers. My best advice is to respond quickly when and inaccurate IRS notice is received. It may take a few phone calls and long on-hold wait times. However, the Read more about In the News: New York Post[…]
New Hampshire and Massachusetts are each asking the U.S. Supreme Court to rule in their favor regarding how New Hampshire residents are taxed on the wages they earn working remotely from home for their Massachusetts-based employers. This case could have widespread implications for many other states, including a direct benefit for the states of New Read more about In the News: NH Journal[…]
Once again, Harvey is asked to express his expert opinion on a breaking news interstate tax matter which is about to go before the Supreme Court of the United States. What happens when New Hampshire residents, who previously worked in Massachusetts office buildings, are forced to work from their New Hampshire homes due to the Read more about In the News: Forbes[…]
For certain taxpayers a deductible IRA contribution is not only an immediate tax savings, it also may qualify them for a third stimulus check under President Biden’s American Rescue Plan legislation. These $1,400 stimulus checks have already begun to arrive via direct deposit, and will continue to be issued over the coming days and weeks. Read more about In the News: Money[…]
Although 2020 unemployment benefits will not be taxed at the federal level for most unemployed Americans, 2021 unemployment payments received could likely be considered IRS taxable income. Harvey explains why it may be prudent to have 10% federal withholding taxes taken out in order to avoid the pressures of a tax bill at 2021 filing Read more about In the News: Fortune[…]