NeufeldLegal

Understanding cryptocurrency transactions from tax perspective as viewed by the Internal Revenue Service (IRS).

Internal Revenue Service tax form 1040-SR was created as an available US personal income tax return for senior citizens.

When your bank employment comes to an end, your former bank employer would prefer to continue controlling how your personal career transition, such that it works in their best interests. Yet, our focus is exclusively on former bank employees and they should not be denied the career transition support that we are capable of providing. For more information visit our law firm's employment website at https://www.employeelawyer.ca #employmentlaw

The bona fide residence test is a procedure used by the Internal Revenue Service for purposes of determining eligibility for the Foreign Earned Income Exclusion and Foreign Housing Exclusion or Deduction to ascertain if the subject taxpayer is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year.

US citizens and resident aliens that are living abroad may qualify for certain exclusions and/or deductions in relation to their foreign earned income and foreign housing, as provided by the Internal Revenue Service.

A deponent is an individual that gives information, on oath or affirmation, respecting some facts known to them, before a magistrate or other person entitled to administer an oath (such as a notary public or commissioner of oaths).

Internal Revenue Service Tax Form W-3, Transmittal of Wage and Tax Statements, is used by employers to report a business organization’s combined employee income. Any business organization (sole proprietorship, partnership, LLC (limited liability company), S-corporation, C-corporation, benefit corporation or non-profit corporation) that employs more than one individual on a W-2 basis must file IRS Form W-3. Employers utilize IRS Form W-3 to inform both the Internal Revenue Service and the Social Security Administration with the cumulative annual employee totals from W-2s for the applicable tax year.

Abrogation means the destruction of or annulling a former law, by an act of the legislative power, or by usage. In the context of abrogation, a law is either abrogated, where it is totally annulled, or only derogated from, where only a part of the law is abrogated. Express Abrogation is achieved through the enactment of new law either in general terms, as when a final clause abrogates or repeals all laws contrary to the provisions of the new one, or in particular terms, as when it abrogates certain preceding laws which are named. Implied Abrogation arises when new law contains provisions which are positively contrary to the former laws, without expressly abrogating such laws, and also when the order of things for which the law has been made no longer exists, and hence the motive which have caused its enactment have ceased to operate.

An individual taxpayer identification number, or ITIN, is a nine-digit tax processing number issued by the Internal Revenue Service to individuals who are required for federal tax purposes to have a U.S. taxpayer identification number but who do not have or are not eligible for a social security number from the Social Security Administration. #tax #itin

An individual taxpayer identification number, which goes by the acronym ITIN, is a nine-digit number issued by the IRS (Internal Revenue Service) to individuals who are required for federal tax purposes to have a U.S. taxpayer identification number but who do not have or are not eligible for a social security number from the Social Security Administration. #tax #itin

Constructive Dismissal arises where an employer has not directly fired an employee, but instead (i) has failed to comply with the employment contract in a major respect; (ii) unilaterally changed the terms of employment; or (iii) expressed a settled intention to do either thus forcing the employee to quit. This non-compliance or change to the employment arrangement must be significant and affect the core of the employment contract to constitute constructive dismissal, as opposed to some minor change or alteration. For more information visit https:/www.employeelawyer.ca #employmentlaw

It is important that we ask more substantive questions and demand that our politicians provide real transparency and disclosure, such that truly important information is put before the public, such that they might analyze it for themselves . We can be constrained by outdated systems that have enabled politicians in the past to effectively cover-up the truth, but instead need to press for politicians going forward to make better efforts to get the information before the public in a timely and proper manner. Calgary's mayor has an opportunity to advance the investigative process if she so chooses or her approach might be that of a typical politician. We will see how the mayor decides to proceed.

Reporting taxable events involving cryptocurrency and other digital assets to the Internal Revenue Service (IRS) is undertaken on IRS Form 8949, Sales and Other Dispositions of Capital Assets. #bitcoin #crypto #tax

Digital assets, including virtual currencies, are broadly defined by the Internal Revenue Service (IRS) as any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the United States Secretary of the Treasury. #bitcoin #cryptocurrency #tax

A will is a written document directing the disposition of a person’s assets after their death, drafted in conformity with the laws of the jurisdiction that has legal authority over that person’s estate upon their death. #estateplanning #probate

If you are unable to complete and file your federal income tax return by the April deadline, the IRS does provide taxpayers with the opportunity to request an extension. An extension gives the taxpayer until the middle of October of the current year to file their most recent federal income tax return. The Internal Revenue Service provides two avenues to request an automatic extension in advance of the April filing deadline, with taxpayers either using IRS Free File at IRS.gov/freefile to request an automatic filing extension or filing IRS Form 4868, Application for Automatic Extension of Time to File. #taxfiling #filingextension #1040

The Internal Revenue Service (IRS) Form 1040 is the United States of America’s individual income tax return. The IRS Form 1040 enables the taxpayer to calculate their taxable income and the tax on that income, so as to either claim a refund or pay income taxes due for the relevant tax year. http://www.lawtax.ca

The Internal Revenue Service devised a taxpayer campaign, known as the Dirty Dozen campaign, that is directed at warning taxpayers of the most common tax scams that are being perpetrated in the United States of America.

The IRS sets out their stated position with respect to travel expenses and their deductibility in IRS Publication 463, although for purposes of this particular video we are going to be focusing upon the broad term of travel expenses, without going into the technical aspects as to how much can be deducted, etc. It should also be noted that IRS Publication 463 of itself, for which we are providing but a brief look at, is itself merely an introductory overview, with the specifics actually needing to be discerned from the United States Internal Revenue Code and court decisions, in particular those of the US Tax Court and appellate decisions, typically in conjunction with seasoned tax professionals, to get down to the specifics. https://www.neufeldlegal.com

The Earned Income Tax Credit or Earned Income Credit is a tax credit that is available to low-income and moderate-income wage earners and families in the United States of America who meet criteria established by the Internal Revenue Service. The US federal government conceptualized the Earned Income Tax Credit as a “work bonus plan”, intended to supplement the wages of low-income and moderate-income workers and thereby help offset the effect of Social Security taxes. Considering its financial significance to many low-income wage earners, it is accordingly viewed as an anti-poverty tax benefit. https://www.neufeldlegal.com

The Internal Revenue Service, commonly referred to by its acronym IRS, is the United States government agency, under the Department of Treasury, responsible for the collection of taxes (including individual income taxes, employment taxes, corporate taxes, excise taxes, gift and estate taxes) and enforcement of tax laws. https://www.neufeldlegal.com

If your Canadian business meets the specified criteria of the federal government with respect to business size, it is legally obligated to file by May 31, 2024, a report on its actions with respect to forced labor and child labor in its supply chain (anti-slavery report). https://www.neufeldlegal.com

At Neufeld Legal, we recently saw the United States Federal Trade Commission vote to institute a new rule as to the interpretation of section 5 of the Federal Trade Commission Act, which bans current and future non-competes in the employment setting, with the exception of existing non-competes for senior executives. The new rule, which is set to come into effect at the end of August 2024, only provides for one permissible employment-related carve-out, which is provided to existing worker non-competes with respect to senior executives, who are workers earning more than $151,164 USD annually who are in a “policy-making position.” The US Federal Trade Commission’s explanation for this particular carve-out for existing non-competes with senior executives, was its determination that this subset of workers is less likely to be subject to the kind of acute, ongoing harms currently being suffered by other workers subject to existing non-competes and there were credible concerns raised as to the practical impacts of extinguishing existing non-competes for senior executives. https://www.neufeldlegal.com

What is the employee impact arising from Walmart's relocation and layoff initiative and what actions should employees consider? Even if you've acted, there might be more to consider! As an employee lawyer who looks at aspects of employment arrangements and employee layoffs from an angle that most other lawyers would appear to either overlook or not be interested in investigating, the recent announcement of substantial layoffs by Walmart at the corporate level was particularly concerning. Employees are effectively being provided but two choices, either (1) relocate one's life to Arkansas and leave everything you've worked for and built behind, including uprooting your family and all community ties (especially if forced to depart Toronto, Ontario, Canada) or (2) be permanently laid off and take Walmart's severance pay package, which has a lot of questions associated with it. https://www.employeelawyer.ca #employmentlaw

Major employee pay improvement (as reported by Neufeld Legal) New rules are coming into effect around overtime pay in the United States on July 1, 2024, with an even larger bump up on January 1, 2025. Learn more, as there are major implications for employers and employees, but also other overtime pay rule changes that need to be reviewed. It always struck me when reviewing state payroll legislation, that the United States allowed administrative employees who were paid a salary to be exempt from overtime pay, such that office employees who were paid a relatively low salary could find themselves in the difficult position of working significant overtime hours without added remuneration. https://www.neufeldlegal.com