Earlier this summer we highlighted the taxes that U.S. Olympic medalists could be subject to because of the U.S. Tax Code. Under federal law, the cash prizes that come with each medal ($25,000 for gold, $15,000 for silver and $10,000 for bronze) would be taxed as they...
Finding Real Life Solutions To Your Tax Problem
Year: 2016
Be wary of notices from your tax attorney
There’s a common misconception that taxpayers have about tax professionals (i.e. accountants and tax attorneys) outside of tax season. The assumption is that many tax professionals do not have much to do. Indeed, they may not be insanely busy in September and October...
Private collectors are coming for tax debts. What you should know
It’s not particularly common for taxpayers to think about their tax bill (or their tax refund, for that matter) in late September. However, the Internal Revenue Service is. In fact, the federal government is poised to start collecting on old tax bills, and it is...
Rapper Nelly hit with IRS tax lien
Grammy award winning hip-hop artist Nelly is apparently in the crosshairs of the IRS. The artist known for hits such as "Country Grammar" and "Hot in Here" has been saddled with an IRS lien for more than $2.4 million. Indeed, Nelly (whose real name is Cornell Haynes...
Can graduate students deduct moving expenses?
As we noted in our prior post, few people really think about their future tax bill in September. After all, there are more than six months before next year’s federal income tax filing deadline. Nevertheless, time doesn’t stop when it comes to finding and...
A measure of warning from the IRS to taxpayers
It is not very often that taxpayers get a measure of warning about the upcoming tax season, but a recent announcement by the Internal Revenue Service could be an encouraging sign. According to an accountingtoday.com report, the IRS is encouraging taxpayers to consider...
How back-to-school shopping can be tax deductible.
With Labor Day weekend upon us, most parents (and kids) know it’s that time of year. If the bevy of commercials haven’t given you the hint, a new school year is now upon us. With that, parents are expected to spend an average of $400 on back-to-school...
Valuation discounts may be ending if the IRS has its way
There may be more than six months to go before tax returns must be filed in April 2017, but it appears that battle lines are being drawn on how some wealthy, family business owners may reduce their estate taxes.According to a recent wsj.com article, new rules...
Change in IRS policy could help unmarried property owners
To the average person who is cynical about marriage, there are plenty of reasons not to tie the knot. Of course there is the work that goes into a marriage, the sense of putting another person above your own needs, and then there is sharing a life (and space in a...
Will you be hooked by a ‘phishing’ scam?
In a few of our posts, we have highlighted the possibility of taxpayers being victimized by fraud when preparing their returns. In some cases, they will be contacted by phone by scam artists posing as IRS agents who threaten to bring suit against an unwitting person...