Rains & Associates Portland ME.

Authorized E-File Provider Greater Portland ME. Area

The majority of taxpayers, currently e-file their income tax return. Electronically filling (e-file) an income tax return, has been available to taxpayers since 1990. Both the Internal Revenue Service, and any state power will accept an income tax return which has been e-filed. Due to the ease and effectiveness of the method, it has become increasingly popular with taxpayers.Generally speaking, …

Rains & Associates Portland ME.

Tax Exempt Designations

The federal government controls tax exempt designations. Alternately, state bodies generally confer non-profit status to entities. Moreover, an entity that has obtained tax exempt status will possess letter (from the IRS) stating that they are exempt. The IRS can also confirm a entities tax exempt status over the phone. IRS form 1023 must be finalized by the entity, to apply for …

Rains & Associates Portland ME.

2018 IRS Income Tax Return Deadline

Clearly, the IRS was impacted by the recent government shutdown. This is the case, because the IRS is finically supported by the federal government.  The shutdown is causing headaches for accountants. Many of whom are scrambling to attend to their clients needs. Regardless of the shutdown, the IRS began actioning returns on the 28th of January. Therefore, it is important …

Rains & Associates Portland ME.

Things to Consider When Buying and Selling Cryptocurrencies

Currently, an absence of regulation clearly seems to exist as it relates to the world of cryptocurrencies. This fact, might tempt some to take advantage of the situation (i.e. place themselves in a better tax position). Now, an individual who purchases crypto for fiat doesn’t pay tax on such a action. Regardless, when that same individual cashes out their crypto …