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sales suppression software

Sales Suppression Software

Okay, we admit the bad pun right at the get-go, but there’s something definitely fishy about this tax case. We’ve looked at illegal point of sale (POS) sales suppression software, aka tax zapper, cases in the past, but this one is a real stinker. It involves the fall of another restaurant caught using this software. […]

Cryptocurrency Terminology

Key Cryptocurrency Terminology

In a previous post on cryptocurrency, we discussed the formation of the New York Cryptocurrency Task Force and its purpose. As we discussed, this unit will play a big role in shaping New York State policy regarding cryptocurrency. What’s more, this unit may ultimately end up impacting the policies of other states and even foreign […]

Cash Business Tax Advice

Cash Business Tax Advice

We’ve previously looked at tax zapper software. One observation we can make is that cash-based businesses certainly have special needs. Cash-based businesses, such as restaurants, convenience stores and cannabis dispensaries typically need special protections to ensure proper tax compliance. This is because these businesses often have difficulties keeping track of their sales. What’s more, these […]

New York Cryptocurrency Task Force

New York Cryptocurrency Task Force

Recently, we discussed the basics of BitLicense, the credential required by New York State for cryptocurrency-based businesses. New York has also introduced another measure to impact cryptocurrency business and transactions in New York; it will also have implications throughout the country. Specifically, Governor Andrew Cuomo has assembled a New York Cryptocurrency Task Force”. Its goal […]

New York BitLicense

New York BitLicense Laws

Back in 2014, the superintendent of New York’s Department of Financial Services (NYDFS), Benjamin Lawsky, designed New York’s special license for cryptocurrency businesses. This special license, known as a New York BitLicense, attempts to regulate and better control the cryptocurrency industry. The license encourages compliance with both the terms and conditions of applicable regulations. It […]

Bitcoin Futures

ICE Bitcoin Futures Contracts

More and more, bitcoin and other cryptocurrencies are taking root in the mainstream commercial world. This has occurred in tandem with the IRS’ recognition of digital currency as a legitimate, taxable property. One way that cryptocurrency is taking root is by being accepted as currency by more and more mainstream firms. Another way is by […]

Phishing Scam

Beware of Phishing Scams

Back in the first half of 2018, the IRS identified a dozen tax scams which taxpayers should be aware before filing taxes for the next year. The IRS referred to this list as the “dirty dozen” tax scams. In the 2018 dirty dozen tax scam list, the IRS identified a new variation of the familiar […]

Cannabis Tax

Cannabis Industry Tax

The cannabis industry is still relatively new and, as a consequence, it still has many tax issues to be resolved. Medical and recreational marijuana businesses are still dealing with a lot of uncertainty concerning tax preparation. There’s uncertainty about how to classify and deduct certain expenses, or whether these companies are eligible for the same kinds of […]

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