Categories
Resources for Accountants

Taxation of illegal income in the United States [Video]

Taxation of illegal income in the United States

Income from illegal activities is considered taxable income.

The IRS says illegal income, including income from dealing drugs, must be reported on your tax return.

You can report illegal income in one of two ways.

If you stole money, received a bribe, or were hired to kill someone, you would report the income on line 8 of Schedule 1 where it says, “Other income.”

But if you earned money from an illegal business, like a money laundering operation, you would report the income on Schedule C.

This way you can take deductions for wages, rent, and other expenses of your business.

There’s an exception for drug traffickers, however, as they only get a deduction for the cost of goods sold.
—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.
—
SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE
* http://eepurl.com/dIaa5z
—
HIRE MICHAEL MCLAUGHLIN, PHD, CPA
* https://michaelmclaughlin.com/hire-me
—
GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
* https://edspira.thinkific.com
—
LISTEN TO THE SCHEME PODCAST
* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725
* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc
* Website: https://www.edspira.com/podcast-2/
—
GET TAX TIPS ON TIKTOK
* https://www.tiktok.com/@prof_mclaughlin
—
ACCESS INDEX OF VIDEOS
* https://www.edspira.com/index
—
CONNECT WITH EDSPIRA
* Facebook: https://www.facebook.com/Edspira
* Instagram: https://www.instagram.com/edspiradotcom
* LinkedIn: https://www.linkedin.com/company/edspira
—
CONNECT WITH MICHAEL
* Twitter: https://www.twitter.com/Prof_McLaughlin
* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin
—
ABOUT EDSPIRA AND ITS CREATOR
* https://www.edspira.com/about/

Watch/Read More
  • Tags

Most Popular Posts Today

Introduction to Walkthroughs [Video]
►
Categories
Resources for Accountants

Introduction to Walkthroughs [Video]

At the root of planning and risk assessment procedures in an audit is obtaining an understanding of the entity. And what is one of the best ways to do this? By performing a walkthrough! When planned and performed appropriately, walkthroughs provide auditors with valuable insight, which helps in assessing audit risk and designing efficient and effective audit responses.This CPE-eligible (1.0 CPE), eLearning course will define a walkthrough, discuss how to prepare a walkthrough, and cover the various items and documentation requirements to consider when performing a walkthrough. If you are an auditor who audits financial statements in accordance with Public Company Accounting Oversight Board (PCAOB) auditing standards, U.S. generally accepted auditing standards (U.S. GAAS), or International Standards of Auditing (ISAs), this course is an essential component of learning how to effectively perform a walkthrough.https://revolution.gaapdynamics.com/learn/course/external/view/elearning/689/walkthroughs-a-z

  • Tags

Most Popular This Week

From Lawyer in Bolivia to Successful US Accountant: 3 Steps to Make It Happen [Video]
►
Categories
Resources for Accountants

From Lawyer in Bolivia to Successful US Accountant: 3 Steps to Make It Happen [Video]

Ever wondered if you can switch careers and build a successful accounting career in the USA as an immigrant? 🌎 Meet Monica, a former lawyer from Bolivia who followed 3 key steps to transition into accounting in the U.S.! In this interview, we cover: ✅ The biggest challenges of switching careers as an immigrant ✅ The exact 3 steps that helped Monica become a successful accountant ✅ How YOU can start your journey—even with no U.S. experience! Join the EXACT course Monica enrolled in: https://controller-academy.com/courses/controller-academy Time Stamps: 00:00 Intro 00:47 Monica's Background 01:47 Monica's Job Responsibilities 02:56 Monica's Goal in 5 Years 04:47 Monica's Learned This From My Course 06:08 Monica's fav TV Show & Music 08:42 Monica's Journey To the US ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice