Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

  Yes, the headline asks two very different questions. I will weigh in on this new and developing topic in today’s blog post. My post was prompted by the numerous articles setting forth five, or 10, things a gig worker should do at tax time, and pulling at that string just a bit. The IRS’ recent announcement regarding the delay of the 1099-k rules for third-party payors such as Venmo also pushed me in that direction.   This is something that’s been brewing since the advent of smart phones and apps/platforms that allow for gig workers to find work. For your consideration: “That Seems About Right,” Says Soon-To-Be-Audited Man CAMDEN, MN—While filling out a 1040 form and other documents Tuesday in preparation for filing his 2012 federal tax returns, local man Robert Moran, a blog writer who will shortly be audited by the Internal Revenue Service, announced that his calculations seem to all add up fine. “Well, I’m self-employed and work mostly from the kitchen, which ta...

  Current Hot Topics in US Tax Law One current hot topic in US tax law is the treatment of cryptocurrency transactions. As the use of cryptocurrencies has become more widespread, the IRS has issued guidance on how these transactions should be taxed. In general, the IRS treats cryptocurrency as property for tax purposes, and transactions involving cryptocurrency are subject to capital gains tax. However, the tax treatment of cryptocurrency can be complex, and the IRS is continuing to issue guidance on this topic.   Another current hot topic in US tax law is the treatment of digital services and the taxation of e-commerce. As more and more businesses are conducting sales online, there is ongoing debate about how these sales should be taxed and whether there should be changes to the current sales tax system to better reflect the digital economy.   Other current hot topics in US tax law include the taxation of international transactions, tax reform, and the treatment ...