Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income … Read more
As MD Anderson has learned the hard way over the past couple years HHS’ interpretation of Mandatory versus Addressable HIPAA compliance rules and regulations can vary from the business practices of many Physicians, Hospitals, and other Health Care Organizations. HIPAA provides many compliance rules that health care organizations must follow. Those must follow rules are … Read more
Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive. (NOTE: Since this is NOT $10,000 per transaction. It is a law requiring banks to … Read more
Most everyone is now aware of the tragic mass murder that took place in Oregon yesterday. We now know that the murderer was either an atheist or under Muslim influence or both. We know he hated Christians and wanted to go to hell (literally). We know he singled out Christians for execution. We know the school … Read more
Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility factors for the credit have not changed. … Read more
There are several changes to the 2018 Form 1040. However, taxpayers who file electronically may not notice the changes as the tax return preparation software guides people through the filing process. The IRS worked closely with its partners in the tax return preparation and tax software industries to prepare for tax reform and tax form changes … Read more
Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. The information on the form helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. Who is covered By law, … Read more