TIME IS NOT ON THE SIDE of taxpayers who failed to report their Bitcoin and other virtual currency transactions to the IRS. The IRS recently announced it is sending letters to virtual currency owners who have not reported transactions on income tax returns. By the end of August, more than 10,000 taxpayers received these letters.
Though air travel slowed as airports temporarily closed and borders shuttered to stifle the spread of coronavirus, the airline industry — led by oneworld alliance member airlines — enacted enhanced protective measures to reduce risk and protect passengers.
A LITTLE MORE THAN A YEAR AGO, the Supreme Court, in the closely divided South Dakota v. Wayfair decision, ruled states can require most online retailers and many other sellers to collect sales tax, upending more than two decades of legal precedent. The decision affects businesses such as software vendors, equipment retailers, information sellers and any other business selling goods or services subject to sales tax. In other words, it reaches just about everyone. Whether you own a business or are a consumer, it impacts you in some manner. You may pay more now for the item purchased or, as a business owner, you are saddled with much more compliance work, needing to file various tax returns in additional states.