Taxes in 2020 – IRS Taxes on Virtual Currencies

Taxes in 2020 – IRS Taxes on Virtual Currencies

When Satoshi Nakamoto ventured into inventing the ‘digital cash’, not one living soul could think of virtual or cryptocurrency to emerge into the financial world – Bitcoins. This was the mere existence of a type of decentralized currency immune to any governmental interference that existed much prior to Satoshi’s work. Introduction to Virtual Currency In 1983, the first mention of e-cash, or Digital cash was put forth by David Chaum – In 1990, he founded DigiCash, which unfortunately filed soon…

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10 Reasons for IRS Audits you can be called out for! in 2020

10 Reasons for IRS Audits you can be called out for! in 2020

Fact: IRS audits are not random; in fact, these are strategically planned to target people with discrepant filing details. For example, a gross income of $20,000 with a $15,000 refund is like calling the IRS on their direct number.  IRS Audits can be extremely daunting; the fine structure can range from 20% – 80% of the filing. For most taxpayers, the rate of an audit is less than 0.6%, but this rate increases for those earning below $25,000. This is…

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How long does it take to get the Refunds filed?

How long does it take to get the Refunds filed?

While we get to answer this one particular question, we always come across 10 others. From “What are tax refunds” and “Why do we need to file taxes” to “How long does it take to get my refunds.” IRS (Internal Revenue Services) is the world’s largest financial institution responsible for collecting taxes and administering the Internal Revenue Code. There are also forty-three states that require their residents to file taxes and forty-seven states that impose a tax on the income…

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4 Business Entities and Tax Structures

4 Business Entities and Tax Structures

The top 10 leading Tech, Entertainment, and Food companies have seen their inception in this great state of California. It wouldn’t be wrong to say that the business initiation and incorporation processes are extremely streamlined in this state and nation. Businesses in the United States require more than just an idea, you need to File for a Federal Employee Identification Number (FEIN),  there is Incorporation Paperwork, Name Trademark, Banking details, and the mandatory Income Tax Filing. Let’s not get ahead…

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