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In the meantime, you can also read a few of our articles:
- Can a Criminal Prosecution Delay a Civil Tax Case?Imagine that you earned significant income and failed to file tax returns. You later file the tax returns once the IRS caught on to you, but you omitted a large part of your income. The government indicts you on criminal tax evasion charges, and starts an IRS audit. Before the criminal trial, the IRS audit…… Continue reading Can a Criminal Prosecution Delay a Civil Tax Case?
- How Wrong Does the IRS Have to be to Be Liable for Attorneys Fees?In most civil litigation cases, the parties are not entitled to an award of attorneys fees. The exceptions are generally when there is a contract that provides for attorneys fees or there is a statute. This can be problematic in litigation cases–particularly where one party brings or defends a friviolous suit just to drive up…… Continue reading How Wrong Does the IRS Have to be to Be Liable for Attorneys Fees?
- Do You Report Stock an Employer Mistakenly Gave You to the IRS?When your employer deposits 100,000 shares of stock into your brokerage account after you’ve left the company, and you believe it was done in error, do you have taxable income? And what do you do in this case? If the amount is taxable to you as compensation, then when do you report it? Should you…… Continue reading Do You Report Stock an Employer Mistakenly Gave You to the IRS?
- Is a Taxpayer Accountable for their Tax Preparer’s Fraud?Most taxpayers opt to hire professionals to prepare their tax returns. Tax professionals understand the complexities of deductions, credits, and reporting requirements that can overwhelm even sophisticated business owners and investors. Once the tax returns are filed and a few years pass without incident, most taxpayers reasonably assume those tax years are closed forever. But…… Continue reading Is a Taxpayer Accountable for their Tax Preparer’s Fraud?
- What Makes a Partnership Transaction a Disguised Sale?You own a depreciated asset or an asset that has gone down in value. It happens. But say you cannot take advantage of the tax loss for some reason. Maybe it is because you don’t have other Income triggering a tax that year or maybe there is a limitation on the use of the loss…… Continue reading What Makes a Partnership Transaction a Disguised Sale?
- Do Assets Disqualify You from Currently Not Collectible Status?Let’s say you have some assets, but you are not rich. What you have is a smattering of things that are, well, honestly, not worth that much. Maybe it is a house with a mortgage that needs a lot of repairs. Maybe it is a small retirement account that was left over from a prior…… Continue reading Do Assets Disqualify You from Currently Not Collectible Status?