Waterfront Tax & Accounting Blog

For individuals, basic currency transactions like exchanging dollars for euros while traveling generally have no tax implications. However, the IRS treats virtual currencies like Bitcoins (also called cryptocurrencies) as property, not as true currencies. As a result, many transactions with virtu...

This blog provides guidance for taxpayers who are undergoing an IRS audit. It includes an overview of how audits are conducted as well as a strategy for preparing for the audit. The IRS website defines an Audit as: “An IRS audit is a review/examination of an organization's or individual's account...

The IRS has confirmed that the individual tax filing season will start on Monday, January 27, 2020 and the deadline to file 2019 tax returns and pay any taxes owed is Wednesday, April 15, 2020.Although the IRS systems open for processing on January 27, you do not have to wait until then to begin ...

If your income varies from year to year – for instance, if you change jobs often or get a significant part of your income from the gig economy – tax planning can get complicated. Certain activities that increase your tax bill during higher-income years might have little impact during lower-income...