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The following FAQ addresses common questions about when cryptocurrencies are taxed and whether conversions between cryptocurrencies qualify as like-kind exchanges. Table of Contents Is transferring funds between cryptocurrencies taxable?Is a cryptocurrency conversion a like-kind exchange?Does the IRS View Cryptocurrencies as Money or Investment Property?Does the IRS Provide Tax Guidance on Taxing Cryptocurrencies?What Was the IRS’s First Position…

This article is for people wondering whether to select “S Corporation” or “Personal Service Corporation” when applying for an EIN on the IRS.gov website. Let’s assume you are in the process of setting up an S corporation to provide professional services (e.g. law firm or chiropractic office), and now you need an EIN number. You visit…

Table of Contents Is ‘Indemnify’ the Same as ‘Hold Harmless’ in Minnesota Statutes?Legislative Intent Based on Law DictionaryOld Approach: Employer Reimbursement Under Common LawNew Approach: No Employer Reimbursement Under Minnesota Statutes Is ‘Indemnify’ the Same as ‘Hold Harmless’ in Minnesota Statutes? Yes, “indemnify” generally means the same as “hold harmless.” When considering whether “indemnify” is…

What is a Quasi Contract? Quasi contract is another term for a contract implied in law. A contract implied in law is where “a promise is imputed to perform a legal duty, as to repay money obtained by fraud or duress.” Hercules Inc. v. United States, 516 U.S. 417, 424 (1996). What is a Quasi Contract Actually a Contract? A…

Table of Contents What is Quantum Meruit?How is Quantum Meruit Used in Minnesota?What Amount is Owed for Quantum Meruit?How is Quantum Meruit Different from a Contract?What Claims are Related to Quantum Meruit? What is Quantum Meruit? Translated, quantum meruit means “as much as he merited” or “as much as he/she deserved.” In law, quantum meruit is a…

Table of Contents What is Quantum Valebant?What is Quantum Valebant in Minnesota?Is Quantum Valebant the Same as a Contract Implied in Fact?When Can Quantum Valebant be Used?What Legal Terms are Related to Quantum Valebant? What is Quantum Valebant? Quantum valebant is exactly like quantum meruit, but with one important distinction: quantum meruit applies to the value services,…

Introduction What is the difference between an agreement implied in fact and an agreement implied in law? A contract implied in fact is where there is no express contract, but the conduct of the parties makes it clear they both understood they had a deal. A contract implied in law is where there is no contract per se, but at least one…

An uncovered asset is simply property or something else of value that has been revealed to exist. Uncovered means found or discovered. Assets are generally anything of value including money personal property real property (real estate) intellectual property For example, John may hide from his relatives the fact that he owns a boat. Sarah may…

Congress approved the Tax Cuts and Jobs Act on December 22, 2017, which provided for some of the most significant tax reform in recent memory. It affects nearly all taxpayers in every circumstance and could affect how you plan for your future as well. Over the next few posts, we will analyze a few of…

The IRS, taxpayers, and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. Table of Contents Understand…