September 2017 Archives

Accounting for gambling proceeds on a tax return

Maryland residents who gamble casually should report all of their winnings on their federal income tax return. Individuals should also report the fair market value of any prizes won such as a car or vacation. Examples of gambling include playing the lottery or betting on horses at a track. Money won at a casino is classified as gambling winnings as well.

Understanding sales and use tax

Businesses in Maryland are required to pay various taxes, but which types of taxes depends on the type of business. Sales and use tax are taxes paid on merchandise that is sold or rented. Only one of these taxes is applicable to each transaction. Generally, use tax is charged for the rental of tangible goods or interstate sales, while sales tax is charged for local sales and some services.

Bitcoin is subject to taxation, regardless of price fluctuations

In recent weeks, bitcoin investors have watched as this cryptocurrency has shed a substantial amount of its value. This isn't uncommon. All currencies tend to fluctuate in value when compared with other currencies. Even the United States dollar can go into periods of increased or decreased international value. Those who own substantial amounts of bitcoin can likely look forward to it regaining some, if not all, of the recently lost value in upcoming weeks.

New IRS rules aimed at partnership audits

Maryland businesses that operate as partnerships or as limited liability companies will face new IRS rules starting with all tax years commencing on or after Jan. 1, 2018. In some cases, this may require changes to an existing partnership or member agreement. It may also require partners to communicate better in general to avoid potential consequences. One of the goals of the new auditing rules is to simplify the role of the IRS in conducting audits as well as to level the playing field between corporations and large partnerships.

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