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Cook CPA Group

FBAR Requirements for Nonresidents in California

U.S. residents and resident aliens who have any source of income from anywhere around the world must submit a report disclosing such information to the IRS. This includes income sources such as foreign trusts, foreign bank accounts, and foreign securities accounts....

Do You Have to Report Capital Losses on Bitcoin to the IRS?

Bitcoin (BTC) is the most popular version of “cryptocurrency,” a term that also includes Litecoin (LTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), and others. The word is a portmanteau that combines “currency” with “cryptography,” a sophisticated form of technology...

Does California Have a Late Tax Filing Deadline in 2018?

Tax Day 2018 has come and gone. However, California offers taxpayers an automatic tax filing extension, which grants additional time to file a state tax return. Read on to learn more about due dates to file California taxes, due dates to pay California taxes, extended...

FBAR Filing Requirements for Dual Citizens in CA

The acronym “FBAR” stands for “Foreign Bank Account Reporting,” also referred to as the “Report of Foreign Bank and Financial Accounts.” The FBAR, officially FinCEN Form 114, is an electronic tax document. Certain taxpayers – including dual citizens – must file an...

What Happens if You Miss the 2018 Tax Deadline in California?

Depending on how much income you earn, you are likely required to file a federal personal income tax return, otherwise known as Form 1040, Form 1040A, or Form 1040EZ. If you live in Roseville, Sacramento, or other areas of California, you may also be required to file...

What Are the Standard Tax Deductions for 2018?

Despite causing some controversy in Congress, H.R. 1, which is better known as the Tax Cuts and Jobs Act (TCJA), was signed into law by President Trump in December 2017. The TCJA, which promised some of the most sweeping tax reforms in decades, left portions of the...