A 12-year-old Colorado boy became a victim of “woke” education when he was taken out of class and told he could not return unless he removed a Gadsden flag, or “Don’t Tread on Me,” patch from his backpack. The school backed down after a video went viral in which a school official told the boy and his mother that the problem with the patch is that the Gadsden flag’s origin is related to slavery and the slave trade. The school was criticized by individuals from across the political spectrum for seeming ignorance of the role the Gadsden flag played in the American Revolution. Among the critics was Colorado Governor Jared Polis, one of the few remaining Democrats willing to defend free speech from the woke mob.

After a yearlong study into UFOs, NASA said that the study of UFOs will require new scientific techniques, including advanced satellites as well as a shift in how unidentified flying objects are perceived.

The IRS has announced a major yet “common-sense” policy change that will put an end to most unannounced agent visits to taxpayers’ homes.  This move reverses decades of policy that saw IRS revenue officers knock on the doors of taxpayers’ homes without forewarning in attempts to resolve delinquent tax matters.

The IRS says that the reason for the change is to lower the risk that anxiety-provoking surprise home visits by tax enforcement agents could spiral out of control, posing a hazard to both taxpayers and agency field officers.  Experience has shown that unannounced door knocks at homes and businesses were high-risk encounters, with agents routinely facing “hazards and uncertainty” when making surprise visits, according to the IRS.

One of the most mis-understood parts of the tax code is how to handle fringe benefits when you are a shareholder of a S corporation.  Here's a quick primer on life insurance, retirement plans and health insurance:

In general, a business may provide certain tax-free fringe benefits to its employees. One such benefit is group term life insurance up to $50,000, but there are special rules regarding fringe benefits that apply to S corporation 2% shareholder-employees. Generally, a 2% shareholder is a shareholder who owns more than 2% of the S corporation’s stock on any day during the tax year.

(Under §1372 and Rev. Rul. 91-26, for fringe benefit purposes, an S corporation 2% shareholder who is also an employee of the corporation is treated the same way as a partner in a partnership.)

The number of content creators on social media have ballooned and advertising departments have noticed.  Sending their products to creators to evaluate is one of the most cost effective ways to get your name out their to an audience that is willing to listen.  

What a lot of new creators fail to address is how to handle these 'gifts' from a tax standpoint. So let's review the rules and IRS regulations that pertain to this subject. Here is an example situation to begin the discussion:

America enjoys levels of wealth and prosperity never before experienced in world history. For that, we can thank capitalism.

But capitalism is not doing so hot among the young. According to the latest Gallup survey on views about capitalism and socialism, more Americans aged 18 to 29 are positive about socialism (51 percent) than about capitalism (45 percent).

Since they don't teach proper history in school anymore, a discussion on how totalitarian rule begins has been eliminated or is just used as a footnote somewhere along the line. But to those of us who do like to learn from history, there are two things that precede dictatorships - even those that pretend to be democracies. Those two things are:

Virtual currency is a digital representation of value, other than a representation of the U.S. dollar or a foreign currency ("real currency"), that functions as a unit of account, a store of value, or a medium of exchange.

-IRS

While virtual currency has been around since 2009, it has become better know over the last couple of years. Although there are now dozens of them, some of the most popular names are bitcoin, ethereum, dogecoin and litecoin.

All convertible currency such as cryptocurrency is considered a capital asset for most taxpayers. You invest in virtual currency in the hopes that it will increase in value.

The price of a cryptocurrency is based on one unit, and the pricing is based on the per-unit value, which goes up and down just as a unit of stock would on a stock exchange.