By: Coleman Jackson, Attorney, Certified Public Accountant February 08, 2018 Cryptocurrency is a virtual currency or digital value that serves as a medium of exchange, amount of wealth or measure of account or value. Virtual currency may act like a monetary currency, but it is not considered legal tender in the United States or anywhere…
By Coleman Jackson, Attorney, CPA January 13, 2018 The 2017 Tax Cuts and Jobs Act became law during the closing days of 2017. This blog will look at these significant tax law changes from the perspective of a practicing tax professional’s point-of- view. We are not interested in discussing in any details the political, social,…
By: Coleman Jackson, Attorney, CPA December 05, 2017 Pursuant to Internal Revenue Code Section 6038, U.S. persons (this term includes citizens and green card holders of the United States under U.S. Tax Law) holding controlling interest in foreign corporations must annually disclose certain ownership and financial information about the business and the U.S. taxpayer’s interest…
By: Coleman Jackson, Attorney, Certified Public Accountant November 09, 2017 26 United States Code § 6321. Lien for taxes- If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may…
By Coleman Jackson, Attorney, CPA October 20, 2017 Under United States law an annual reporting and disclosure responsibility is placed on any United States person with any financial interest in or signatory authority over, a bank, brokerage, stock, or any other financial account in a foreign country. See 31 U.S.C. Sec. 5314(a) and regulation 31…
By Coleman Jackson, Attorney, CPA October 05, 2017 Internal Revenue Code Section 1446 imposes a duty on any U.S. domiciled partnership & foreign partnership with taxable income and foreign partners to withhold and turn over to the IRS withholding tax in equal proportion to the taxable income allocable to the foreign partners that is effectively…
By Coleman Jackson, Attorney, Certified Public Accountant September 01, 2017 The collection arm of the U.S. Internal Revenue Service is extremely long. This particular blog is limited to that reach as for collecting tax penalties associated with taxpayers who fail to file information returns pertaining to foreign bank accounts and foreign assets. The basic tax…
By Coleman Jackson, Attorney and Certified Public Accountant August 08, 2017 As a general rule a taxpayer is allowed a deduction for all ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business. This basic tax rule is set forth in Internal Revenue Code Section 162. The…
By: Coleman Jackson, Attorney, CPA July 18, 2017 United States Persons who hold a financial account in a foreign country with a balance anytime during the calendar year of $10,000 or more must file a Report of Foreign Bank and Financial Accounts (FBAR) report. This disclosure is currently due on April 15th of each year. …
By Coleman Jackson, Attorney & Counselor at Law July 12, 2017 There are three ways immigrants who become victims of domestic violence, sexual assault, and some other specific crimes may apply for legal immigration status for themselves and their child(ren). Self-petition for legal status under the Violence Against Women Act (VAWA) Cancellation of removal under…
June 12, 2017 Coleman Jackson, Attorney, CPA The Internal Revenue Code, 26 U.S.C. § 6672 authorizes the Internal Revenue Service to demand collection of unpaid payroll taxes from persons responsible for paying those taxes if those persons willfully fail to pay the payroll taxes in the normal course of running a business. This statutory duty…
By Coleman Jackson, Attorney, CPA May 30, 2017 The term wages are defined in 26 U.S.C. Sec. 3401 as all remuneration (other than fees paid to a public official) for services performed by an employee for his employer, including the cash value of all remuneration (including benefits) paid in any medium other than cash; except…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking immigration assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.