‘Bitcoin Jesus’ Faces Tax Fraud Reckoning
Early investors of Bitcoin have fascinating tales to tell. None are more intriguing than Roger Ver’s, whose early success and evangelism of crypto investing earned him the nickname ‘Bitcoin Jesus’ and a giant IRS investigation into tax fraud. What lessons does his tale hold for other taxpayers? Ver jumped into Bitcoin in 2011, when the […]
Bankler’s Year In Review
We don’t usually talk about ourselves on this blog, but it’s been a fantastic year, thanks to our employees and clients. We just had to share our gratitude and tie it back to what it means for you: We all thrive together. Here are some top reasons we can’t wait to head into 2025 with […]
What Tax Cuts & the Economy Might Look Like in 2025
With Donald Trump’s return to the White House and Republicans gaining control of Congress, significant tax cuts and economic changes appear to be on the horizon for 2025. Let’s look at what we might expect based on Trump’s campaign promises and expert analysis. Tax Cuts on the Table Several provisions from Trump’s first-term 2017 Tax […]
IRS Offers Tax Guidance for Inherited Retirement Accounts
Over the past few years, the SECURE and SECURE 2.0 Acts dramatically changed the rules for qualifying inherited retirement plans, including IRAs. The IRS finally released guidance clarifying some of the major sticking points for fund owners and their beneficiaries. In the past, non-spouse beneficiaries inheriting qualifying retirement plans could stretch their distributions over their […]
What Is Tax Loss Harvesting?
Sometimes we lose, sometimes we win, and most of us experience both in the same year if our financial portfolios are diverse enough. Tax loss harvesting can be a useful tax tool in these situations. Tax loss harvesting involves selling an investment that has lost value to offset capital or taxable income gains that have […]
Tax Treatment of Employee Work/Life Referral Programs
Many workers today seek employers who prioritize mental health and wellness. Initiatives like employee work/life referral (WLR) programs are becoming popular ways to meet these expectations, and the IRS is entering the conversation with new guidance on how these types of programs are taxed. WLR programs include services that assist eligible employees with identifying, contacting, […]
City of San Antonio Resources for Small Businesses
San Antonio is growing and flourishing, as are its small and startup businesses. The Alamo City is a top U.S. market to watch, and employees are happy to work and live here. City officials want to keep it that way and have strengthened programs aiming to help small and startup business owners thrive locally. Here […]
Beneficial Ownership and the CTA in the Latest Tax Notes
We love participating in Tax Notes! Lee A. Sheppard always has an entertaining spin on the latest tax issues, and the most recent one citing Steven Bankler’s thoughts on beneficial ownership and the Corporate Transparency Act (CTA) is no exception. As Sheppard explains, “Three years ago, Congress decided to throw out all the furniture of […]
IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax collectors. “We’ve started transforming IRS operations,” IRS Commissioner Danny Werfel stated. “These will provide significant benefits for taxpayers, tax professionals, and the tax system […]
How Banks Are Tapping into Artificial Intelligence
You may be experimenting with ChatGPT and other AI, and so is your bank. Financial institutions are incorporating AI into their services, but the road to innovation is fraught with risks. “AI systems have been widely used for years, with banks spending billions to automate functions like trading, risk management, fraud detection and investment research. […]