Reid Kopald
Articles
Pass-through Entity Stumbling Points
Creation of a U.S. pass-thru business entity (partnership or S-Corporation) assumes business income to get taxed on the owners’ individual tax returns keeping the entity free of tax. Generally, this is correct. However, the I...
Cryptocurrency Trading: How to Report on Tax Return Through Brokerage (Robinhood) & Direct (Coinbase)
Reporting differs based on source: directly through exchange or through brokerage When trading cryptocurrency, the provided reporting differs based on the source of the crypto. One may buy cryptocurrency directly through an exchange (eg coinbase) or through a brokerage (eg...
Couples with NRA spouses have to choose - file jointly and lose stimulus eligibility or file separately and possibly pay higher tax
Stimulus Payment Critical Update for Non-Resident Alien Spouses The IRS updated the Stimulus check FAQ page with more information on COVID-19 Federal Stimulus Payment eligibility. Couples filing jointl...
Gift Taxes Explained - Are They Really Tax Free?
Definition The gift tax is a tax on the transfer of property by one individual to another while receiving nothing or less than full value in return. For Example, Father gave gifts to his daughter $600,000, for which she pays father $100,000. Then $500,000 (600,000 - 100,000) is co...
The IRS Is Sending Letters to Cryptocurrency Owners
The IRS is always on the lookout for new revenue sources. As the popularity of cryptocurrency has increased in recent years they have provided guidance on how cryptocurrency is taxed. Most taxpayers, however, have not considered the possibility of needing to pay income tax on their cryptocurrency transactions. <...
Tax Reform & Retirees
Larger standard deduction likely beneficial Altho...