Even leaving America can be costly. You must prove 5 years of IRS tax compliance. If you have a net worth greater than $2 million, or average annual net income tax for the 5 previous years of $190,000 or more, you must pay an exit tax. – Forbes – Taxes…
Judge Kathleen Kerrigan called it a close case but concluded that petitioners had engaged in ranching for profit and the activity was not a hobby. – Forbes – Taxes Read More
If you engaged in crypto trading in 2022, it’s possible you could receive Form 1099-K this year. But what is this form telling you, and what should you do with it? Let’s break it down together. To make virtual currency trading more user-friendly, crypto exchanges (like Coinbase, Gemini, Kraken, etc.)…
Robert Goulder and professors Allison Christians and Tarcísio Diniz Magalhães discuss the importance of the OECD’s pillar 2 UTPR (undertaxed profits rule) and its place in international tax law. – Forbes – Taxes Read More
It is easy to write off as mere symbolism the House vote to rescind nearly all the $80 billion IRS funding increase Congress approved last year. – Forbes – Taxes Read More
Today’s Social Security column addresses questions about when applications for benefits can be submitted, who might and might not be able to receive spousal benefits and whether investment withdrawals affect Social Security disability benefits. – Forbes – Taxes Read More
How can a tax whistleblower best look to increase their award percentage — which the IRS can provide 15 – 30%. How do you get your award closer to 30%. A recent Tax Court decision in Luu — provides some illumination as to how the IRS goes about making award…
Can the Treasury mint a trillion dollar coin and avoid a debt ceiling meltdown and possible default on U.S. bonds? – Forbes – Taxes Read More
Though considered unlucky, Mega Millions said six jackpots have been won in previous Friday 13th draws, four from Michigan. – Forbes – Taxes Read More
Tax Analysts Chief Content Officer Jeremy Scott reviews the 2022 developments in U.S. tax legislation and speculates about what may lie ahead. – Forbes – Taxes Read More
California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. – Forbes – Taxes Read More
Yesterday, in a largely symbolic gesture, newly elected Speaker of the House, Kevin McCarthy (R-CA), proposed and the Republican-controlled House passed a bill to “repeal the funding for 87,000 new IRS agents.” – Forbes – Taxes Read More