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Tax Blog

Tax Blog

Buyouts and Early Retirement Packages: Are They Considered Taxable Income?

Buyouts and Early Retirement Packages: Are They Considered Taxable Income?

Sometimes, a company will decide that it is in their best interests to relocate to another state or country. Unfortunately in this event, it often means that some employees will not be along for the ride and they’ll be forced to find other employment. However, this could open the door to the employer offering an employee either a buyout or an early retirement package. A buyout is typically offered to younger employees who will most likely be searching for another job, but nee

Cryptocurrency and the IRS

Cryptocurrency and the IRS

Despite the fact that it has been around for approximately a decade, cryptocurrency has been a huge hit over the past couple of years. More and more people are investing money into virtual currency (also known as cryptocurrency) such as Etherium, Ripple, and most well-known, BitCoin. It would be an understatement to say that the value of cryptocurrency has moderately increased. In 2010, a man in Florida spent 100,000 BitCoin on pizza and other trivial items. As of today, the

Do I Have to Pay Taxes on Daily Fantasy Sports Winnings?

Do I Have to Pay Taxes on Daily Fantasy Sports Winnings?

The NFL opened up their 100th season this past weekend with all 32 teams in action. The beginning of football season means a lot of new things are beginning. Flannel shirts, pumpkin spice, and bonfires are all set to be staples for most Americans over the next couple of months. But the beginning of football also means a big return in the amount of taxpayers playing daily fantasy sports on sites such as FanDuel, DraftKings, or Yahoo Fantasy. In 2015, it is estimated that Draft

Pros and Cons of Converting Your Traditional IRA to a Roth IRA

Pros and Cons of Converting Your Traditional IRA to a Roth IRA

The market of the United States has been recently volatile. While it is hard to pin point an exact cause, the effect is still the same. One week, the market is booming. But the next week, the market is down. The volatility has led some taxpayers to consider converting their traditional individual retirement arrangement (IRA) to a Roth IRA. There are numerous advantages to the Roth IRA. First, there is no required minimum distribution rule. Secondly, you can keep contributing

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