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8ebe66131b0767ca29214cd9228a9fe2 | https://www.forbes.com/sites/robertwood/2011/10/17/irs-wants-more-penalties/ | IRS Wants More Penalties | IRS Wants More Penalties
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Sometimes when the IRS loses in court, it announces that it isn't going to follow the court's decision. That may sound like the height of hubris. But since the IRS operates nationwide and most courts have limited jurisdiction, the IRS can choose to keep fighting elsewhere... |
5b74db4ff30f832fa49355f3e1a7f2a7 | https://www.forbes.com/sites/robertwood/2011/11/12/paying-taxes-pennies-on-the-dollar/ | Paying Taxes Pennies On The Dollar | Paying Taxes Pennies On The Dollar
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I'll bet you've seen the TV ads from tax services claiming they can settle your tax debts for “pennies on the dollar.” See Attorney General Pursues 'Tax Lady' Roni Deutsch. If you’re like me, you may wonder whether some claims are too good to be true. But I confe... |
e82d022e67824d261bf7c7f37161ba6e | https://www.forbes.com/sites/robertwood/2011/11/30/fatca-carries-fat-price-tag/ | FATCA Carries Fat Price Tag | FATCA Carries Fat Price Tag
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FATCA—the Foreign Account Tax Compliance Act—could cost financial institutions $100 million. No, that's not penalties or taxes. We're just talking compliance costs.
So says James Broderick, head of JP Morgan's European, Middle Eastern and African asset management busines... |
2bc29b33e14c4f8265dd768eb7b1018a | https://www.forbes.com/sites/robertwood/2012/02/01/will-irs-get-fat-off-fatca/ | Will IRS Get Fat Off FATCA? | Will IRS Get Fat Off FATCA?
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I was hoping we might see a bill trimming the Foreign Account Tax Compliance Act (FATCA) down to size so I could pun its name, but no such luck. The IRS, Treasury Department, and Congress are sticking to their guns about implementing the dreaded law. They appear to h... |
06ac0c72fa0a58937f735f1c5788fc23 | https://www.forbes.com/sites/robertwood/2012/02/10/5-nations-join-u-s-in-tax-evasion-crackdown/ | 5 Nations Join U.S. In Tax Evasion Crackdown | 5 Nations Join U.S. In Tax Evasion Crackdown
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If you thought the world was becoming a smaller place before, get ready. The U.S. Treasury—jointly with France, Germany, Italy, Spain and the U.K.--issued a statement expressing the intent to implement a government-to-government Foreign Account ... |
fabb10e0825988f8c48b22721e895a17 | https://www.forbes.com/sites/robertwood/2012/03/06/will-bp-oil-spill-victims-pay-tax-on-7-8b-settlement/ | Will BP Oil Spill Victims Pay Tax On $7.8B Settlement? | Will BP Oil Spill Victims Pay Tax On $7.8B Settlement?
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The news release that BP reached a $7.8 billion settlement over its Deepwater Horizon oil spill could mean cash for many victims soon. It’s good news for BP too, although BP must still deal with probable government fines. See BP Spill Saga... |
3dcb9f971a0a60716ffcdbad34914070 | https://www.forbes.com/sites/robertwood/2012/03/09/beware-more-irs-audits-especially-for-wealthy/ | Beware More IRS Audits, Especially for Wealthy | Beware More IRS Audits, Especially for Wealthy
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No one wants to be noticed by the IRS, much less audited. While it might be nice to have your peers or former high school classmates look upon you as someone who made it big time, do you want the IRS to think you're a big shot? Look what happ... |
15b8fd8d8acd3240e64f98f0a4277472 | https://www.forbes.com/sites/robertwood/2012/03/12/failing-to-pay-employment-taxes-means-personal-liability/ | Failing To Pay Employment Taxes Means Personal Liability | Failing To Pay Employment Taxes Means Personal Liability
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Employers have a duty to withhold taxes from employees. That’s one reason the IRS likes employees better than independent contractors. See IRS, DOL And States Mount Independent Contractor Attack. The IRS gets its tax money sooner and more reli... |
d42d9a431101360110536feb3606cbbd | https://www.forbes.com/sites/robertwood/2012/04/06/filing-taxes-beware-sharp-increase-in-audit-rates/ | Filing Taxes? Beware Sharp Increase In Audit Rates | Filing Taxes? Beware Sharp Increase In Audit Rates
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Ah, tax day with its inevitable fretting over returns, extensions and payments is almost upon us! It's hard not to think about your chance of audit when filing your taxes. Yet as a tax lawyer, I must assume every return will be audited. If I believe t... |
86b1e48f0c67afc6b47ae9a5c88a674a | https://www.forbes.com/sites/robertwood/2012/04/07/forget-travel-if-you-owe-the-irs/ | Forget Travel If You Owe The IRS | Forget Travel If You Owe The IRS
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If he were in charge of travel, the Soup Nazi might say, "No Passport for you!" In real life, travel may seem unrelated to taxes, except perhaps for those annoying airport taxes on international destinations. But a bigger tax and travel connection could... |
002504b6ac57e5a8a29deb8bbfa008e8 | https://www.forbes.com/sites/robertwood/2012/05/11/living-abroad-sounds-idyllic-until-you-consider-taxes/ | Living Abroad Sounds Idyllic--Until You Consider Taxes | Living Abroad Sounds Idyllic--Until You Consider Taxes
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Ah, Paris. Or Ireland, Bali or New Zealand. Wherever you dream of calling home, you are probably not thinking primarily about tax forms. It's hard to complete them in a hammock, and they don't fit neatly on a bistro table.
Yet if you're an A... |
e101852eeb91f9c1ccf9211b066fd8d6 | https://www.forbes.com/sites/robertwood/2012/05/11/why-facebooks-co-founder-just-defriended-america/ | Why Facebook's Co-Founder Just Defriended America | Why Facebook's Co-Founder Just Defriended America
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One word: Taxes. More? Rates, complexity, worldwide reporting, and comprehensive---some say downright intrusive---disclosure.
Facebook’s Mark Zuckerberg---with or without signature hoodie---may get all the hype in the romping roadshow run-up to the ... |
fce1e1473cfa9d5d5e05180ef91ce987 | https://www.forbes.com/sites/robertwood/2012/05/19/british-lawyer-nabbed-at-jfk-for-helping-americans-hide-swiss-accounts/ | British Lawyer Nabbed at JFK For Helping Americans Hide Swiss Accounts | British Lawyer Nabbed at JFK For Helping Americans Hide Swiss Accounts
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With the IRS success with UBS and breaking the back of foreign bank secrecy, it’s no wonder many Americans have come forward to disclose foreign accounts and assets. See Is Closing Foreign Bank Accounts An Alternative To D... |
ce4cf3689eaedeee4f6c0188afcb0fd4 | https://www.forbes.com/sites/robertwood/2012/06/05/beware-film-and-other-tax-shelter-deals-that-go-criminal/ | Beware Film And Other Tax Shelter Deals That Go Criminal | Beware Film And Other Tax Shelter Deals That Go Criminal
Daniel Adams (Image via movies.yahoo.com)
Special tax incentives are as American as apple pie. Tax deductions are great. Tax credits are even better since they reduce your taxes dollar-for-dollar. That can make tax credits practically intoxicating.
But confusingl... |
f19c0aec3929f6c071b2644e2bae8b9b | https://www.forbes.com/sites/robertwood/2012/08/27/post-olympics-brits-even-embrace-fatca/ | Post Olympics, Brits Even Embrace FATCA | Post Olympics, Brits Even Embrace FATCA
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It’s hard to whisper FATCA---shorthand for the Foreign Account Tax Compliance Act---without sparking curse words. U.S. expats hate it since some foreign banks just shut out Americans they see as more trouble than they’re worth. See FATC... |
183bc8c81198eb2a0d0d933c38764c0c | https://www.forbes.com/sites/robertwood/2012/10/30/estate-planning-isnt-ghoulish-and-can-save-millions-this-year/ | Estate Planning Isn't Ghoulish And Can Save Millions This Year | Estate Planning Isn't Ghoulish And Can Save Millions This Year
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It's not ghoulish to think about death, especially this year. On Halloween, in mid-November or early December, there's still time to plan. If there's no revised estate tax law by New Year’s it will be too late: January 1 a $5 million ... |
81ec7fe7f99363776d4b33100015dbaf | https://www.forbes.com/sites/robertwood/2012/11/07/irs-thwarts-voters-who-legalized-medical-marijuana/ | Voters Say Yes To Marijuana, IRS Says No | Voters Say Yes To Marijuana, IRS Says No
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A total of 18 states and the District of Columbia have legalized medical marijuana. Massachusetts just came on line after the November 6, 2012 vote. Colorado and Washington just went further to legalize recreational use too. See Colorado, Washington F... |
0f3e8d3fa239d7aa2b63bf8e6b1fa8b7 | https://www.forbes.com/sites/robertwood/2012/11/08/leaving-california-and-its-taxes-be-careful/ | Leaving California And Its Taxes? Be Careful | Leaving California And Its Taxes? Be Careful
It is easy to love California, but its high taxes? Not so much. And it just got worse as California Voters Sock It To The Rich. Some will head for the exits before selling real estate or a business, taking a company public or winning a large legal settlement. Here are a few ... |
a7b5269e025aa2e769aa72a8658ed27f | https://www.forbes.com/sites/robertwood/2012/11/11/should-you-grab-pay-in-2012-or-defer-til-2013/ | Should You Grab Pay In 2012 Or Defer 'Til 2013? | Should You Grab Pay In 2012 Or Defer 'Til 2013?
NASDAQ in Times Square, New York City, USA. (Photo credit: Wikipedia)
Conventional wisdom says always pay tax later. That means delaying income into January when you can. But climbing rates and uncertainty cut the other direction, and this year-end is especially hard to h... |
17362c45fd94a3115eff38c4f71b7509 | https://www.forbes.com/sites/robertwood/2012/11/30/how-to-manipulate-your-2012-v-2013-pay/ | How (Not) To Manipulate Your 2012 v. 2013 Pay | How (Not) To Manipulate Your 2012 v. 2013 Pay
(Photo credit: MoneyBlogNewz)
With tax rates rising, there's a lot of year-end jockeying. Most people want to grab income now, not next year when rates will be up. Should you grab pay in 2012 or defer 'til 2013? Some want the reverse, but you can't always choose. Constructi... |
c2ba0d5b213d99bdda2f31bf004769cf | https://www.forbes.com/sites/robertwood/2012/12/27/facebook-mirrors-googles-offshore-tax-scheme/ | Facebook Mirrors Google's Offshore Tax Scheme | Facebook Mirrors Google's Offshore Tax Scheme
google+ facebook (Photo credit: Sean MacEntee)
What is a tax scheme and what’s legitimate tax planning? It may be a question of opinion. Besides, a “scheme” has different connotations in the U.S. and U.K. But however you slice it, Google and Facebook have something in commo... |
bf629336d2d75ef80870c1ed4edc5ee8 | https://www.forbes.com/sites/robertwood/2013/01/29/judge-gives-irs-access-to-more-accounts-at-ubs-and-wegelin/ | Judge Gives IRS Access To More Accounts At UBS And Wegelin | Judge Gives IRS Access To More Accounts At UBS And Wegelin
(Image credit: AFP/Getty Images via @daylife)
Just when it seemed as if every Swiss bank account was out in the open, the IRS is on the scent again. A federal judge has approved a John Doe Summons on UBS for secret account data about Wegelin & Co, the indicted ... |
d638fdfd999a039a953108e218f90ff3 | https://www.forbes.com/sites/robertwood/2013/02/20/like-a-good-neighbor-they-too-move-for-tax-reasons/ | Good Neighbor? Even State Farm May Move For Tax Reasons | Good Neighbor? Even State Farm May Move For Tax Reasons
State Farm Insurance (Photo credit: Wikipedia)
There’s been considerable talk about moving for tax reasons. Facebook’s Eduardo Saverin, left the U.S. for Singapore, France’s Gerard Depardieu considered Belgium but settled on Russia, and Phil Mickelson grumbled abo... |
12285d5c0a98b7f2f79afc1f28e4e416 | https://www.forbes.com/sites/robertwood/2013/04/25/harvard-law-school-offers-tax-planning-for-marijuana-dealers-no-joke/ | Harvard Law School Offers 'Tax Planning For Marijuana Dealers'---No Joke | Harvard Law School Offers 'Tax Planning For Marijuana Dealers'---No Joke
Pound Hall at Harvard Law School (Photo credit: Wikipedia)
I’m the last one to say this is a silly topic, because it is not. But you have to admit it sounds a little funny. Bizarrely--and there’s much in our tax law that’s downright bizarre--there... |
a671e20fe24d7dae28531e4b1669a842 | https://www.forbes.com/sites/robertwood/2013/04/29/despite-offshore-haul-irs-hunts-quiet-disclosures-first-time-fbars/?commentId=comment_blogAndPostId%2Fblog%2Fcomment%2F1057-18564-3597 | Despite Offshore Haul, IRS Hunts Quiet Disclosures, First Time FBARs | Despite Offshore Haul, IRS Hunts Quiet Disclosures, First Time FBARs
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The latest report from a government watchdog agency called the Government Accountability Office (GAO) may not be pleasure reading, but if you want to know how well the IRS attack on offshore tax evasion is coming, it is worth a... |
690ed49cc28293d9d1a99179042d912a | https://www.forbes.com/sites/robertwood/2013/05/02/irs-takes-a-bite-out-of-bitcoin/ | IRS Takes A Bite Out Of Bitcoin | IRS Takes A Bite Out Of Bitcoin
(Photo credit: btckeychain)
Bitcoin is virtual currency much in the news these days. It's peer-to-peer so there’s no central bank or government. But if you think that means the IRS won’t get a piece, think again.
The IRS already gets a piece where you swap one product or service for anot... |
dd531f3cf4f910ecb5f4a070b244595f | https://www.forbes.com/sites/robertwood/2013/05/03/six-rules-about-betting-on-the-kentucky-derby/ | Six Rules About Betting On The Kentucky Derby | Six Rules About Betting On The Kentucky Derby
LOUISVILLE, KY - MAY 02: Orb runs on the track during the morning training for the 2013 Kentucky... [+] Derby at Churchill Downs on May 2, 2013 in Louisville, Kentucky. (Image credit: Getty Images via @daylife)
On May 4th, the 20 horses in the Kentucky Derby will race for t... |
81558e31354a2783df01d38b726d8851 | https://www.forbes.com/sites/robertwood/2013/05/09/trending-now-giving-up-u-s-citizenship/ | Trending Now: Giving Up U.S. Citizenship | Trending Now: Giving Up U.S. Citizenship
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When CNN reports U.S. Citizens Ditching Passports in Record Numbers, it must be true. Like CNN’s election night coverage, the stats don’t lie. With over 670 U.S. citizens saying sayonara in the first 90 days of 2013, it’s shaping up to be the year of the ... |
4af92174e3faa0721cc66874a3ee27e7 | https://www.forbes.com/sites/robertwood/2013/05/15/angry-obama-says-irs-chief-resigned-other-heads-may-roll/ | Angry Obama Says IRS Chief 'Resigned,' Other Heads May Roll | Angry Obama Says IRS Chief 'Resigned,' Other Heads May Roll
US President Barack Obama makes a statement in the East Room of the White House May 15, 2013 in... [+] Washington, DC. Obama spoke about the recent scandal where the Internal Revenue Service is accused of targeting conservative organizations and announced that... |
ab2098c8e50d6c1b98238dd7fa0f69bc | https://www.forbes.com/sites/robertwood/2013/05/21/french-tax-soars-over-100/ | French Tax Soars Over 100% | French Tax Soars Over 100%
Flag of France (Photo credit: Wikipedia)
Over 8,000 French households paid taxes topping 100% of their incomes, according to French Finance Ministry data. See Taxes on Some Wealthy French Top 100% of Income. You may scratch your head in disbelief. How is that possible?
Stateside, you might gu... |
98f717981b8eb293277bd0fda5e06f57 | https://www.forbes.com/sites/robertwood/2013/06/06/lavish-expenses-are-a-no-no-unless-youre-the-irs/ | Lavish Expenses Are A No-No, Unless You're The IRS | Lavish Expenses Are A No-No, Unless You're The IRS
President John F. Kennedy said, ‘‘The slogan—‘It’s deductible’—should pass from our scene.’’ See Special Message to Congress on Taxation, Apr. 20, 1961. JFK didn’t like expense accounts and business entertainment in the Mad Men era of the three martini lunch. But his m... |
7b846b7cc1af78440e6efd6df0b957b9 | https://www.forbes.com/sites/robertwood/2013/06/11/living-abroad-your-tax-home-could-still-be-u-s/ | Living Abroad? Your 'Tax Home' Could Still Be U.S. | Living Abroad? Your 'Tax Home' Could Still Be U.S.
If you live and work abroad you probably know about the Foreign Earned Income Exclusion that can allow you to collect tax-free money. There are disadvantages to being abroad. See Expats Lobby For Tax on Residence, Not Worldwide Income. If you qualify, the foreign earne... |
dbc7b1abf09cfed917d5a1658a886192 | https://www.forbes.com/sites/robertwood/2013/07/24/irs-travelgate-brass-spent-100k-each-on-travel/ | IRS Brass Spent $100K Each On Travel | IRS Brass Spent $100K Each On Travel
(Photo credit: Alan Light)
For the IRS, the hits just keep on coming. The no longer obscure watchdog known as the Treasury Inspector General for Tax Administration (TIGTA) has a new bestseller: Analysis of Executive Travel Within the Internal Revenue Service. Ever since the Tea Part... |
98537ab60ca03b00abdc37c52eb09538 | https://www.forbes.com/sites/robertwood/2013/08/08/three-powerball-winners-split-448m-irs-wins-big-too/ | Three Powerball Winners Split $448M, IRS Wins Big Too | Three Powerball Winners Split $448M, IRS Wins Big Too
Three Powerball winners--two in New Jersey and one in Minnesota--have won the multistate lottery's latest massive jackpot. See Powerball official: 3 winners for $448 million pot. Because three tickets matched all six numbers, Powerball officials said the three winne... |
70f54a3a16daff394b04e1ddbba1db3d | https://www.forbes.com/sites/robertwood/2013/08/09/if-weiner-can-make-it-in-new-york-he-can-make-it-anywhere/ | If Weiner Can Make It In New York, He Can Make It Anywhere | If Weiner Can Make It In New York, He Can Make It Anywhere
New York City Mayoral candidate Anthony Weiner attends the Council of Senior Centers and Services of... [+] NYC Mayoral Forum at New York University on July 11, 2013 in New York City. (Image credit: Getty Images via @daylife)
Former New York Congressman Anthony... |
ba608792bdaf6d0ca9419e677f3bedaf | https://www.forbes.com/sites/robertwood/2013/08/11/irs-targets-thousands-of-small-businesses-can-you-prove-you-didnt-under-report/ | IRS Targets Thousands Of Small Businesses For Extra Scrutiny | IRS Targets Thousands Of Small Businesses For Extra Scrutiny
Demonstrators with the Tea Party protest the Internal Revenue Service (IRS) targeting of the Tea... [+] Party and similar groups during a rally called 'Audit the IRS' outside the US Capitol in Washington, DC, June 19, 2013. (Image credit: AFP/Getty Images via... |
3a583c25b66e7681d274af07cdab60b4 | https://www.forbes.com/sites/robertwood/2013/09/04/new-doj-marijuana-policy-wont-fly-with-irs/ | New DOJ Marijuana Policy Won't Fly With IRS | New DOJ Marijuana Policy Won't Fly With IRS
(Photo credit: Wikipedia)
The feds and the marijuana industry haven’t had an easy relationship. Plus, more than a few voters probably feel disenfranchised. It’s been nearly a year since voters in Colorado and Washington voted to legalize marijuana. For much longer than that, ... |
7f22ea3807265391abc2d9546dbd11ff | https://www.forbes.com/sites/robertwood/2013/09/18/beanie-babies-founder-ty-warner-to-pay-53m-for-offshore-tax-evasion/ | Beanie Babies Founder Ty Warner To Pay $53M For Offshore Tax Evasion | Beanie Babies Founder Ty Warner To Pay $53M For Offshore Tax Evasion
H. Ty Warner H. Ty Warner, age 69, created Beanie Babies and spawned a generation of collectors. He created wealth for himself and others, since some of the plush stuffed animals became collector’s items worth thousands. But he did some of it in ... |
bdf31beba7c654445437401c865392ef | https://www.forbes.com/sites/robertwood/2013/09/27/avoiding-obamacare-with-independent-contractors-2/ | Avoiding Obamacare With Independent Contractors | Avoiding Obamacare With Independent Contractors
One of the precepts of Obamacare is that all employees ought to have affordable health coverage. That’s a laudable goal, but many employers are doing their best not to be covered by the rules. After all, no matter how admirable the goal, the law erects new burdens of comp... |
8ab3612a2e026014dc0183f23169e9bb | https://www.forbes.com/sites/robertwood/2013/10/14/virgin-expat-sir-richard-branson-leaves-uk/ | Virgin Expat? Sir Richard Branson Leaves UK | Virgin Expat? Sir Richard Branson Leaves UK
Sir Richard Branson (Image credit: Getty Images for Starkey Hearing via @daylife)
Dear Phil Mickelson, this is not about taxes. With a Virgin-based fortune estimated at £2.9 billion and still climbing toward Virgin space, Sir Richard can do what he wants. And now he says he i... |
0ea2460fae3dd061e9e0bf7819ae2a6a | https://www.forbes.com/sites/robertwood/2013/11/06/dog-the-irs-bounty-hunter-private-tax-collectors-are-coming/?utm_source=twitterfeed&utm_medium=twitter | Dog The IRS Bounty Hunter? Private Tax Collectors Are Coming | Dog The IRS Bounty Hunter? Private Tax Collectors Are Coming
TV personalities Beth Chapman and Dog the Bounty Hunter attend the Dial Global Radio Remotes during... [+] The 48th Annual Academy of Country Music Awards at the MGM Grand on April 5, 2013 in Las Vegas, Nevada. (Image credit: Getty Images via @daylife)
No one... |
3d376416fb40ff982b4c6fd813e78fca | https://www.forbes.com/sites/robertwood/2013/11/15/u-s-citizens-renouncing-skyrocket-the-tina-turner-effect/?commentId=comment_blogAndPostId/blog/comment/1057-23902-4794 | U.S. Citizens Renouncing Skyrocket---The Tina Turner Effect | U.S. Citizens Renouncing Skyrocket---The Tina Turner Effect
(Photo credit: Wikipedia)
America is a great land and lures immigrants worldwide, yet record numbers of U.S. citizens and permanent residents are giving up their citizenship or residency. For all the immigrant arrivals there’s an increasing trickle the other d... |
21a6d5f27c4dc1099328827d4c4ecff4 | https://www.forbes.com/sites/robertwood/2013/11/19/feds-and-new-york-state-jointly-target-independent-contractor-misclassification/ | Feds And New York State Jointly Target 'Independent Contractor' Misclassification | Feds And New York State Jointly Target 'Independent Contractor' Misclassification
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The U.S. Department of Labor (DOL) and New York Attorney General are going after worker misclassification in a sweeping sharing deal. Inking it puts federal and New York labor investigators on the same page. These ... |
fa1af680cde24fd63aa420390e80a922 | https://www.forbes.com/sites/robertwood/2013/12/04/what-to-say-when-not-if-your-offshore-bank-asks-are-you-compliant-with-irs/ | What To Say When (Not If) Your Offshore Bank Asks, 'Are You Compliant With IRS?' | What To Say When (Not If) Your Offshore Bank Asks, 'Are You Compliant With IRS?'
More than 7 million Americans live abroad, and most have bank accounts there. Many other Americans have overseas bank accounts too. Most are receiving letters from their banks about their American status.
Please provide your U.S. tax ID an... |
1d3223e3f7155e7ceb1a7cf425c6e161 | https://www.forbes.com/sites/robertwood/2014/01/25/youd-run-too-if-your-take-home-pay-was-only-15/ | You'd Run Too If Your Take-Home Pay Was Only 15% | You'd Run Too If Your Take-Home Pay Was Only 15%
Some of the top athletes in Kenya have threatened to stop competing in international meets because of taxes. Kenya seems an unlikely source of tax discontent. Yet Wesley Korir is a member of Kenya’s Parliament and previous winner of the Boston marathon. He says athletes ... |
3819d0c07fd1ec2f0def556b01080450 | https://www.forbes.com/sites/robertwood/2014/02/06/americans-renouncing-citizenship-up-221-all-aboard-the-fatca-express/?commentId=comment_blogAndPostId/blog/comment/1057/26083-6046 | Americans Renouncing Citizenship Up 221%, All Aboard The FATCA Express | Americans Renouncing Citizenship Up 221%, All Aboard The FATCA Express
America is a great land and lures immigrants worldwide, yet record numbers of U.S. citizens and permanent residents are giving up their citizenship or residency. For all the immigrant arrivals the trickle the other direction is increasing. The numbe... |
b23a41acddc79e794b5c7ec008cdfb37 | https://www.forbes.com/sites/robertwood/2014/05/07/lois-lerner-of-irs-is-held-in-contempt-next-prosecution/ | Lois Lerner Of IRS Is Held In Contempt, Next Prosecution? | Lois Lerner Of IRS Is Held In Contempt, Next Prosecution?
Lois Lerner, the former Director of Tax Exempt Organizations at the IRS, has been found in contempt of Congress by a vote of 231 to 187. Now she may face prosecution. She is retired now (with pension) and still stays mum. But when she testified before Congress,... |
2c997594aea92d7f7706b7c1c9cbbf8f | https://www.forbes.com/sites/robertwood/2014/05/22/scoring-damages-in-nfl-painkiller-lawsuit/ | Scoring Damages In NFL Painkiller Lawsuit | Scoring Damages In NFL Painkiller Lawsuit
More than 500 former NFL players have gotten behind a lawsuit that could become a class-action against the NFL. Former NFL players named so far include Richard Dent, Jim McMahon, Jeremy Newberry, Roy Green, J.D. Hill, Keith Van Horne, Ron Stone, and Ron Pritchard. They allege t... |
2733ed22b343b3b5c6d9dba04741211f | https://www.forbes.com/sites/robertwood/2014/06/18/irs-increases-offshore-amnesty-penalty-from-27-5-to-50-makes-other-changes/ | IRS Increases Offshore 'Amnesty' Penalty From 27.5% To 50%, Makes Other Changes | IRS Increases Offshore 'Amnesty' Penalty From 27.5% To 50%, Makes Other Changes
The IRS has announced important changes to its offshore account programs. They come as FATCA is taking hold worldwide. Many foreign banks are rooting out Americans with increasing vigilance. One key target of the changes?
Americans living a... |
78131df4d5c57f311cd7271ebe16ceb0 | https://www.forbes.com/sites/robertwood/2014/07/17/supersizing-warren-buffetts-2-8-billion-tax-deduction/ | Supersizing Warren Buffett's $2.8 Billion Tax Deduction | Supersizing Warren Buffett's $2.8 Billion Tax Deduction
Uber-billionaire Warren Buffett gave $2.6 billion to charity last year. Hardly one to rest on his laurels, this year he upped his giving to $2.8 billion. Big gifts went to the Bill and Melinda Gates Foundation and other charities. Was it cash?
Of course not! The f... |
02b0352af16780590f3b7e4f4fb6945a | https://www.forbes.com/sites/robertwood/2014/07/23/beware-tax-missteps-called-willful-triggering-irs-penalties-or-jail/ | 10 Signs Your Tax Missteps Are 'Willful' Triggering IRS Penalties Or Jail | 10 Signs Your Tax Missteps Are 'Willful' Triggering IRS Penalties Or Jail
“Gee, I didn’t know,” can get you off the hook in a variety of circumstances. Sometimes it can even work with the IRS. But it is hardly a Get Out of Jail Free card. Everyone has heard that ignorance of the law is no excuse.
Besides, on many key t... |
cac8171ebeac60d95200dbcea4bb9404 | https://www.forbes.com/sites/robertwood/2014/07/29/irs-misfiring-guns-losing-emails-but-at-least-no-helicopters-yet/?utm_source=twitter&utm_medium=social&utm_campaign=forbestwittersf | IRS Totes Guns, But Doesn't Use Helicopters--Yet | IRS Totes Guns, But Doesn't Use Helicopters--Yet
The IRS has shown that it has a hard time finding emails and a hard time explaining its recycling of hard drives. Then there are the guns. The elite unit of the IRS that gets to carry guns doesn’t exactly have a perfect safety record.
According to a government audit, IRS... |
e4b484c51e4acf082c81327861c319af | https://www.forbes.com/sites/robertwood/2014/08/03/lionel-messi-tax-evasion-case-secrecy-willfulness-impacts-u-s-u-k-taxpayers-too/ | Lionel Messi Tax Evasion Case (Secrecy = Willfulness) Impacts U.S. & U.K. Taxpayers Too | Lionel Messi Tax Evasion Case (Secrecy = Willfulness) Impacts U.S. & U.K. Taxpayers Too
Apart from its star power, the criminal tax case in Spain against Argentinian athlete Lionel Messi of Spanish team FC Barca is worth watching. Messi now earns $50 million a year, including incentives, making him #4 on Forbes’ li... |
975fa01a7cdc3b3c9a3115e5b38cca43 | https://www.forbes.com/sites/robertwood/2014/08/07/many-americans-renounce-citizenship-hitting-new-record/ | Many Americans Renounce Citizenship, Hitting New Record | Many Americans Renounce Citizenship, Hitting New Record
It may seem like a drop in the bucket, especially when droves want to immigrate to America. Still, the newly published names of individuals who renounced their U.S. citizenship or terminated long-term U.S. residency is up, with 576 for the quarter and 1,577 so far... |
1e80db1802d137cd8c0675f37e0c6ddd | https://www.forbes.com/sites/robertwood/2014/09/09/canadians-attack-u-s-expat-rules-decrying-accidental-americans/?commentId=comment_blogAndPostId/blog/comment/1057-30572-7935 | Canadians Attack U.S. Expat Rules, Decrying 'Accidental Americans' | Canadians Attack U.S. Expat Rules, Decrying 'Accidental Americans'
The Alliance for the Defense of Canadian Sovereignty sounds a little like a new world militia or a trade group promoting maple syrup. Actually, it’s neither, and American legislators may soon learn that too well. The organization has lawyered up, hiring... |
a5353fe83b131b0026b876beecc75cfd | https://www.forbes.com/sites/robertwood/2014/09/18/which-irs-offshore-amnesty-program-is-right-for-you/ | Which IRS Offshore Amnesty Program Is Right For You? | Which IRS Offshore Amnesty Program Is Right For You?
Offshore accounts and the tax problems that come with then can keep you up at night. Starting in 2009 with changes in 2011 and 2012, the IRS has given taxpayers a way start sleeping easier. Over the last 5 years, thousands of people have done it. And since June 18 of... |
937e2bae6585af02849cceeb69864508 | https://www.forbes.com/sites/robertwood/2014/10/30/americans-renounce-citizenship-in-record-numbers-why-you-should-care/ | Americans Renounce Citizenship In New Record Numbers | Americans Renounce Citizenship In New Record Numbers
The U.S. Treasury Department’s name and shame list of Americans who renounced citizenship in July, August, and September this year is up to 776. That’s 2,353 renunciations for 9 months, and that means by year-end last year’s 2,999 renouncers should be exceeded. For 2... |
828b2444a39fd5cd98734348a1c28343 | https://www.forbes.com/sites/robertwood/2014/12/15/irs-can-audit-for-three-years-six-or-forever/ | IRS Can Audit For Three Years, Six...Or Forever | IRS Can Audit For Three Years, Six...Or Forever
In most cases, the IRS has three years to audit after you file your return. If the IRS shows up after that, they may be too late. Surprisingly, amending a return often does not change the three year limit. But many special rules can extend your audit purgatory.
The three ... |
1f1b040fa1faf126a498a3198c64b249 | https://www.forbes.com/sites/robertwood/2014/12/19/ubers-growing-tax-problems/ | Uber's Growing Tax Problems | Uber's Growing Tax Problems
Uber's latest $1.2 billion in financing and $40 billion valuation make it a valuation darling, but it's PR problems are, well, huge. It seems often to ruffle rather than smooth feathers. As it fights regulatory and public relations battles, are tax authorities going to crack down too? It isn... |
1c523acfa1ec1d6857b93efffcd72e6d | https://www.forbes.com/sites/robertwood/2015/01/29/missing-a-form-1099-why-you-shouldnt-ask-for-it/?utm_source=followingdaily&utm_medium=email&utm_campaign=20150129 | Missing A Form 1099? Why You Shouldn't Ask For It | Missing A Form 1099? Why You Shouldn't Ask For It
IRS Form 1099 season is upon us, when those annoying little tax reports come in the mail. They remind you that you earned interest, received a consulting fee, or whatever. There are many varieties, including 1099-INT for interest, 1099-DIV for dividends, 1099-G for tax ... |
fdb2d1da5de6de98d595cfd9afabdddc | https://www.forbes.com/sites/robertwood/2015/02/03/obamas-proposed-68-death-tax-would-be-highest-in-world/ | Obama's Proposed 68% Death Tax Would Be Highest In World | Obama's Proposed 68% Death Tax Would Be Highest In World
Like a scary movie trailer before his State of the Union address to a Republican controlled Congress, President Obama proposed $320 billion in tax hikes, throwing down a tax gauntlet. His signature ideas would make community college free, extend sick leave to wor... |
fde85d3c20de0266cc51a0563324e2dd | https://www.forbes.com/sites/robertwood/2015/02/05/coming-soon-no-travel-or-passport-if-you-owe-irs/ | Coming Soon: No Travel Or Passport If You Owe IRS | Coming Soon: No Travel Or Passport If You Owe IRS
The IRS and Justice Department cooperate to catch tax scofflaws. They can even have notorious ones arrested when they land on U.S. soil. But some in Congress think we could do more to grab people on the move or to prevent them from taking flight in the first place. In 2... |
b3cc1872b3cfac301daead060d85fd22 | https://www.forbes.com/sites/robertwood/2015/02/11/thousands-renounce-u-s-citizenship-hitting-new-record-not-just-over-taxes/ | Thousands Renounce U.S. Citizenship Hitting New Record, Not Just Over Taxes | Thousands Renounce U.S. Citizenship Hitting New Record, Not Just Over Taxes
In an unfortunate record, more Americans gave up their U.S. citizenship in 2014 than ever before. The chart below shows a steep uptick, and although the numbers aren't big in absolute terms, the trend is marked. The names of individuals who ren... |
e5d1fc359c45d60d0628ddc136d3ed00 | https://www.forbes.com/sites/robertwood/2015/02/19/irs-paid-5-8-billion-in-fraudulent-refunds-identity-theft-efforts-need-work/ | IRS Paid $5.8 Billion In Fraudulent Refunds, Identity Theft Efforts Need Work | IRS Paid $5.8 Billion In Fraudulent Refunds, Identity Theft Efforts Need Work
From 2011 through October 2014, the IRS has stopped 19 million suspicious tax returns and protected more than $63 billion in fraudulent refunds. That's good, but some of the other figures are less so. Are your dates, numbers and passwords saf... |
00a936d3330ff6b18cca815a5ddf070f | https://www.forbes.com/sites/robertwood/2015/02/21/oscar-celebs-who-forgo-168k-of-racy-swag-beware-irs-form-1099/ | Oscars Hand Out Pricey Gift Bags, But Beware IRS Form 1099 | Oscars Hand Out Pricey Gift Bags, But Beware IRS Form 1099
Every year at award season time, there are goodies for nominees and other celebs. It's called swag, and Oscar Swag is the best and richest. Everyone wants celebs to show off their gear, so companies write off the cost. Of course, celebs have to report it as inc... |
69ec9b8ff38a5cd1cf6629bf6ee27f1d | https://www.forbes.com/sites/robertwood/2015/02/25/americans-get-f-for-tax-knowledge-get-out-of-jail-free-card-for-tax-evasion/ | Americans Get 'F' For Tax Knowledge. Get-Out-Of-Jail-Free Card For Tax Evasion? | Americans Get 'F' For Tax Knowledge. Get-Out-Of-Jail-Free Card For Tax Evasion?
If you aren't completely tax savvy, you can't commit tax evasion, right? Not so fast. Sure, tax law is complex, and U.S. tax law is the most comprehensive, exception ridden, obtuse, and convoluted tax system in the world. Maybe in the whole... |
254068b3860479bdb1aec7ea52384a5e | https://www.forbes.com/sites/robertwood/2015/03/23/report-says-former-irs-employees-think-lois-lerner-can-still-peruse-your-tax-returns/ | Report Says Former IRS Employees--Think Lois Lerner--Can Still Peruse Your Tax Returns | Report Says Former IRS Employees--Think Lois Lerner--Can Still Peruse Your Tax Returns
Could Lois Lerner still take a look at your tax returns on IRS computers? It sounds preposterous, but a new watchdog report says former IRS employees still have access to IRS computer systems long after they have no official business... |
35b844b4afe0090f22541e294caed022 | https://www.forbes.com/sites/robertwood/2015/04/01/no-criminal-charges-for-lois-lerner-of-irs-keeps-bonuses-nice-retirement/ | No Criminal Charges For Lois Lerner Of IRS, Keeps Bonuses, Nice Retirement | No Criminal Charges For Lois Lerner Of IRS, Keeps Bonuses, Nice Retirement
If you were targeted by the IRS, you probably thought that retired but officially silent Lois Lerner--who ran a key IRS division--might face charges. Congress found her in contempt after she professed her innocence, and thereafter took the Fifth... |
921f087b419289a45ff13daeb150ca68 | https://www.forbes.com/sites/robertwood/2015/04/06/know-irs-audit-risks-before-filing-your-taxes/ | Know IRS Audit Risks Before Filing Your Taxes | Know IRS Audit Risks Before Filing Your Taxes
When you file your taxes, how likely is your return to be flagged for audit? Did you account for every W-2 and Form 1099, use correct math, and match all other data? Did you report big losses or deduct other unusual items? There are many ways to try to audit proof your tax ... |
fd229d7b007e0dfde674adc012b121d2 | https://www.forbes.com/sites/robertwood/2015/04/13/three-surprising-non-cash-items-irs-says-you-must-report-on-your-taxes/ | Three Surprising Non-Cash Items IRS Says You Must Report On Your Taxes | Three Surprising Non-Cash Items IRS Says You Must Report On Your Taxes
To the person on the street, the phrase “for tax purposes” sounds artificial, if not ridiculous. A variety of events can give you taxable income even though you’ve seen no cash. Here are the most common ones you may encounter:
1. Cancellation of Deb... |
9d8c2ef7b773cfb81258a8180c989c6f | https://www.forbes.com/sites/robertwood/2015/05/01/reduced-irs-audits-actually-irs-cuts-corners-audits-faster-bills-sooner/ | Reduced IRS Audits? Actually, IRS Cuts Corners, Audits Faster, Bills Sooner | Reduced IRS Audits? Actually, IRS Cuts Corners, Audits Faster, Bills Sooner
The IRS brass has complained bitterly that IRS budgets are at an all-time low. IRS Commissioner Koskinen has told employees to do more with less. That means many people are assuming the chances of audit are going down steeply, a reasonable assu... |
b33188c878c935b01023e9d8eb5af0bc | https://www.forbes.com/sites/robertwood/2015/05/11/fed-propose-50-marijuana-tax-as-a-tax-cut/ | Feds Propose 50% Marijuana Tax---As A Tax Cut | Feds Propose 50% Marijuana Tax---As A Tax Cut
Should marijuana businesses pay tax on gross profits or net profits? It sounds like a silly question. After all, virtually every business in every country pays tax on net profits, after expenses. But the topsy-turvy rules for marijuana seem to defy logic. And taxes are clea... |
5832cc985ba95441e4f1cb98e78dd8bf | https://www.forbes.com/sites/robertwood/2015/05/27/cut-health-coverage-or-send-obamacare-cadillac-tax-to-junkyard/ | Cut Health Coverage Or Send Obamacare Cadillac Tax To Junkyard? | Cut Health Coverage Or Send Obamacare Cadillac Tax To Junkyard?
Obamacare's 40% Cadillac tax is on high-priced health plans provided by employers. It doesn't take effect until 2018, but it is expected to pay for a major piece of Obamacare. The Congressional Budget Office estimates that the tax should generate $5 billio... |
a66bd4072803718813a573c05af33a93 | https://www.forbes.com/sites/robertwood/2015/06/01/irs-lois-lerner-got-pension-129k-bonus-new-call-for-criminal-charges/?sh=a41b64f6cb6f | IRS' Lois Lerner Got Pension, $129K Bonus, New Call For Criminal Charges | IRS' Lois Lerner Got Pension, $129K Bonus, New Call For Criminal Charges
Many Republicans are still upset that Lois Lerner of the IRS got a pass from the Obama Justice Department. As the IRS scandal hit day 750, 24 Republicans sent a letter to Attorney General Loretta Lynch, who recently replaced Eric Holder as the nat... |
4d3a213caf6931ffac01e906183c7745 | https://www.forbes.com/sites/robertwood/2015/06/02/irs-says-if-youre-willful-fbar-penalties-hit-100-10000-if-youre-not/ | IRS Says If You're Willful, Penalties Hit 100%, $10,000 If You're Not | IRS Says If You're Willful, Penalties Hit 100%, $10,000 If You're Not
What’s an FBAR? Now called FinCEN Form 114, an FBAR is a non-U.S. bank account report. If you have non-U.S. bank accounts that aggregate over $10,000 at any time during the year, you need to file one. You must file if you are a signatory even if the ... |
4af53a0b80e9ce346358ca894c2e44f7 | https://www.forbes.com/sites/robertwood/2015/07/14/hillary-clinton-disses-uber-and-on-demand-economy/ | Hillary Clinton Disses Uber And On-Demand Economy | Hillary Clinton Disses Uber And On-Demand Economy
Hillary Clinton has outlined her economic policies, expressing worry over companies like Uber and other growing companies that rely on contract workers. She may be the Democratic front-runner, but she characterizes the on-demand economy as committing wage theft. It is a... |
c0b0ddf78adf168b707c53ad3fe2a4f3 | https://www.forbes.com/sites/robertwood/2015/07/31/irs-audit-period-just-doubled-from-three-years-to-six/ | IRS Audit Period Just Doubled From Three Years To Six Years For Many | IRS Audit Period Just Doubled From Three Years To Six Years For Many
No one wants to be audited, and knowing how long your tax return can be attacked is important. Most people know that the IRS statute of limitations is usually three years. But there are many exceptions that give the IRS six years or longer. And one of... |
8ab85018e319531da7770859ce2838e7 | https://www.forbes.com/sites/robertwood/2015/08/03/hillarys-top-aide-draws-fire-but-clinton-foundation-is-elephant-in-the-room/ | Hillary's Top Aide Draws Fire, But Clinton Foundation Is Elephant In The Room | Hillary's Top Aide Draws Fire, But Clinton Foundation Is Elephant In The Room
As Hillary Clinton aide Huma Abedin is accused of being overpaid, Mrs. Clinton may be mollified that the inquiry faults Ms. Abedin, not the Teflon candidate. Yet any payment question is bound to spill over. Fortunately, the news may be oversh... |
ab5392ec3d8e0a602494b11c9f271177 | https://www.forbes.com/sites/robertwood/2015/09/17/irs-hunts-belize-accounts-issues-john-doe-summons-to-citibank-bofa/ | IRS Hunts Belize Accounts, Issues John Doe Summons To Citibank, BofA | IRS Hunts Belize Accounts, Issues John Doe Summons To Citibank, BofA
A federal judge issued an order allowing the IRS to serve a John Doe summons to reveal Americans with offshore accounts in Belize. Targets are Belize Bank International Limited (BBIL) and Belize Bank Limited (BBL). The IRS wants to know who has accoun... |
6166fee58d54323f8610eb9b4c948b89 | https://www.forbes.com/sites/robertwood/2015/09/21/irs-delays-fatca-to-help-banks-but-offshore-account-disclosures-continue/ | IRS Delays FATCA To Help Banks, But Offshore Account Disclosures Continue | IRS Delays FATCA To Help Banks, But Offshore Account Disclosures Continue
The Treasury Department is delaying part of FATCA, the Foreign Account Tax Compliance Act. Foreign banks get more time before they start handing over data about their U.S.-owned accounts to the IRS. Like Obamacare, FATCA was passed in 2010, and l... |
60f0c8c7e75f8c25265b6b059edd75ea | https://www.forbes.com/sites/robertwood/2015/10/06/bps-20-8-billion-gulf-spill-settlement-nets-15-3-billion-tax-write-off/ | BP's $20.8 Billion Gulf Spill Settlement Nets $15.3 Billion Tax Write-Off | BP's $20.8 Billion Gulf Spill Settlement Nets $15.3 Billion Tax Write-Off
The government's $20.8 billion out-of-court settlement with BP would resolve the charges related to the Gulf Oil spill. You might assume a fine of this nature is serious enough not to be tax deductible. But BP should be able to write off the vast... |
c39e8a2495fb5820f3b7cfad65402caf | https://www.forbes.com/sites/robertwood/2015/10/15/u-s-tax-35-ireland-12-5-new-irish-tech-rate-6-25-any-questions/ | U.S. Tax 35%, Ireland 12.5%, New Irish Tech Rate 6.25%, Any Questions? | U.S. Tax 35%, Ireland 12.5%, New Irish Tech Rate 6.25%, Any Questions?
You have to hand it to Ireland for pluck. After being accused of giving tax breaks, it is going even lower. Forget the sweetheart tax deals with Apple and other companies, and the famous Double Irish tax structure. Ireland has long been the go-to pl... |
911cae1215b369b26aea935357a74cf3 | https://www.forbes.com/sites/robertwood/2015/12/01/sean-connerys-wife-could-face-prison-in-operation-goldfinger-tax-case/ | Sean Connery's Wife Could Face Prison In 'Operation Goldfinger' Tax Case | Sean Connery's Wife Could Face Prison In 'Operation Goldfinger' Tax Case
Sean Connery has not played James Bond for years, but is still a public figure prosecutors might like to attack. He was cleared, but Mr. Connery’s wife, Micheline Roquebrune, has been charged with taking part in an alleged plot to defraud the Span... |
2f918a0021cf6cdd057fde5f961921c4 | https://www.forbes.com/sites/robertwood/2015/12/26/man-release-of-live-chickens-at-tax-collectors-office-made-lively-protest/ | Man Releases Live Chickens At Tax Collector's Office In Lively Protest | Man Releases Live Chickens At Tax Collector's Office In Lively Protest
Tax protests come in all shapes and sizes, even in all species it appears. From throwing tea into Boston Harbor, to paying the IRS in dollar bills, to, well, paying in live chickens. An Oregon man was angry with his tax situation so he left a flock ... |
91a9777f1f8be7d6c855397b0d0cd4e5 | https://www.forbes.com/sites/robertwood/2016/03/16/what-to-provide-when-irs-requests-documents/ | Before Filing Your Taxes With IRS, Consider This | Before Filing Your Taxes With IRS, Consider This
As you start preparing to file your tax return this year, consider what will happen if you are audited. Most audits are via correspondence, so you'll have time to consider what to provide. When the IRS asks for substantiation, provide receipts and other supporting inform... |
9d68b9fb08fada7db13a91c6b324cbe3 | https://www.forbes.com/sites/robertwood/2016/03/18/confusing-personal-with-business-on-your-taxes-can-mean-irs-penalties-or-jail/ | Confusing Personal With Business On Your Taxes Can Mean IRS Penalties Or Jail | Confusing Personal With Business On Your Taxes Can Mean IRS Penalties Or Jail
If you are searching for tax deductions, remember to keep business and personal affairs separate. Trying to morph personal matters into business is asking for trouble. For example, don't try to deduct the cost of your divorce because your bus... |
1bcd316b70980c2b67ef73fde9257700 | https://www.forbes.com/sites/robertwood/2016/04/19/amending-just-filed-taxes-irs-tips-for-amended-tax-returns/ | Amending Just Filed Taxes? IRS Tips For Amended Tax Returns | Amending Just Filed Taxes? IRS Tips For Amended Tax Returns
If you just filed your taxes, you probably feel relieved. So why would you amend? Perhaps you discover that you omitted the income from a Form 1099 (so you'll owe IRS more). Or maybe you forgot to claim a key deduction like your state taxes, mortgage interest ... |
c7d7a841d0d12efa0b5dffb4ef7fb674 | https://www.forbes.com/sites/robertwood/2016/04/22/startling-report-of-irs-tax-refund-frauds-including-inside-jobs/ | Startling Report Of IRS Tax Refund Frauds -- Including Inside Jobs | Startling Report Of IRS Tax Refund Frauds -- Including Inside Jobs
The Treasury Department has an Inspector General for Tax Administration (TIGTA), a watchdog post that tracks the IRS and tax system. It has released a report on how the IRS did during the tax filing season from January 1 to mid-April of 2016. There is n... |
afc4ba3713c6b7849f35b2460048ab78 | https://www.forbes.com/sites/robertwood/2016/05/16/if-clinton-foundation-helped-hillary-and-bills-friends-so-what/ | If Clinton Foundation Helped Hillary And Bill's Friends, So What? | If Clinton Foundation Helped Hillary And Bill's Friends, So What?
For all the good that the Bill, Hillary and Chelsea Clinton Foundation has done, reportedly raising $2 billion, the allegations of inappropriate incentives and paybacks will not seem to go away. For example, the Clinton Global Initiative is supposed to h... |
88ef98db120d4748f5fb709566d1180f | https://www.forbes.com/sites/robertwood/2016/06/09/mo-money-tax-preparers-are-sentenced-to-prison/ | Mo Money Tax Preparers Are Sentenced To Prison | Mo Money Tax Preparers Are Sentenced To Prison
Two tax return preparers from Mo' Money Taxes, Erik Pittman and Jeremy Blanchard, both age 35 from Memphis, Tennessee, have been sentenced to prison after pleading guilty to conspiracy to defraud the U.S. and to assisting in the preparation of a false tax return. According... |
b77ebf4699a3a44f139ee59efd416946 | https://www.forbes.com/sites/robertwood/2016/08/03/trump-offers-signed-art-of-deal-books-for-campaign-contributions/ | Trump Offers Signed 'Art Of Deal' Books For Campaign Contributions | Trump Offers Signed 'Art Of Deal' Books For Campaign Contributions
Borrowing a technique familiar to PBS and other non-profits offering perks for donations, Donald Trump has moved his art of the campaign a bit further. It may not quell the clamor for his tax returns, nor stem the calls for an apology to Mr. Khan over T... |
aaeee405067b17ebbd5f7a74212560a8 | https://www.forbes.com/sites/robertwood/2016/08/11/trumps-tax-returns-and-the-irs-statute-of-limitations/ | Trump's Tax Returns And The IRS Statute Of Limitations | Trump's Tax Returns And The IRS Statute Of Limitations
Donald Trump has redefined the normal rules of blowback. Even so, he faces growing criticism. One of the long simmering issues is his tax returns. His explanations for not releasing his tax returns still leave some voters uneasy, and the Democrats have exploited th... |
012a220cf8eead410849a073bd816822 | https://www.forbes.com/sites/robertwood/2016/09/23/hillary-clintons-65-estate-tax-or-donald-trumps-repeal/ | Hillary Clinton Vows 65% Estate Tax To Donald Trump's Repeal | Hillary Clinton Vows 65% Estate Tax To Donald Trump's Repeal
Hillary Clinton wants to raise the estate tax up to an astounding 65%. Donald Trump wants to repeal it. On this issue, their views could not be more opposite. Plainly, Hillary's savvy move could bring in droves of Bernie supporters. But is it likely to pass o... |
a33e85bf56f7c9a83fe78dc3f774208a | https://www.forbes.com/sites/robertwood/2016/11/30/court-allows-irs-john-doe-summons-for-users-of-virtual-currency/ | Court Allows IRS John Doe Summons For Bitcoin, Other Virtual Currencies | Court Allows IRS John Doe Summons For Bitcoin, Other Virtual Currencies
A federal court in the Northern District of California has entered an order authorizing the IRS to serve a John Doe summons on Coinbase Inc. The IRS goal is information about U.S. taxpayers who conducted transactions in a convertible virtual curren... |
4ca7c2144f479e1af45064f7bbed0102 | https://www.forbes.com/sites/robertwood/2017/04/12/tax-time-travel-ban-irs-can-take-your-passport/ | Tax Time Travel Ban: IRS Can Take Your Passport | Tax Time Travel Ban: IRS Can Take Your Passport
As if tax time were not already stressful enough, you might have new worries if your debt to the IRS is growing. Since late 2015, the IRS has had the power to use passports to collect tax debts. H.R.22 added new section 7345 to an already bloated tax code. The new provisi... |
1164c8b4f6cf1210c020fb3463235fc0 | https://www.forbes.com/sites/robertwood/2017/07/05/irs-warns-that-pay-on-disability-is-often-taxable-heres-how-to-tell/ | IRS Warns That Pay On Disability Is Often Taxable: Here's How To Tell | IRS Warns That Pay On Disability Is Often Taxable: Here's How To Tell
What is taxed and what isn’t can be confusing. In the case of disability pay, whether it is taxed or not usually depends on who paid for the disability insurance coverage. Perhaps your employer paid and you were covered as a fringe benefit. In that c... |
8bc2174b61154d52a5e9d439f37e80bf | https://www.forbes.com/sites/robertwood/2019/04/18/for-jeopardy-big-winner-irs-wins-taxes-too/ | For 'Jeopardy!' Big Winner, IRS Wins Big Taxes Too | For 'Jeopardy!' Big Winner, IRS Wins Big Taxes Too
Alex Trebek poses on the set of his game show Jeopardy. (Photo by Tracy A. Woodward/The Washington... [+] Post via Getty Images) Getty
If you’re like me, watching 34-year-old professional sports gambler James Holzhauer on Jeopardy! may make you feel pretty dense. He i... |
4f5db5dc97a1853dcf195a8b92986cc0 | https://www.forbes.com/sites/robertwood/2020/02/28/when-irs-asks-about-crypto-on-your-taxes-answer-carefully/ | When IRS Asks About Cryptocurrency On Your Taxes, Answer Carefully | When IRS Asks About Cryptocurrency On Your Taxes, Answer Carefully
A new IRS question appears at the top of Schedule 1 to your 2019 Form 1040. It asks if you received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency at any time during the year. It is not asking for numbers or... |
4a30fd1f6c9d38a8ded11fbd5b73e3c3 | https://www.forbes.com/sites/robertwood/2020/04/13/irs-allows-wide-use-of-net-operating-losses-even-tax-refunds/?sh=1362f6b45b40 | IRS Allows Wide Use Of Net Operating Losses, Even Tax Refunds | IRS Allows Wide Use Of Net Operating Losses, Even Tax Refunds
UPDATE: The IRS has announced a special procedure to allow these tax refund claims by fax. The big tax bill passed at Christmas 2017 was called the Tax Cuts and Jobs Act, and it slashed the ability to claim NOLs after 2017 to 80% of taxable income. What’s mo... |
ea85f8887a83e6edf3215187ba9fbcc1 | https://www.forbes.com/sites/robertwood/2020/08/25/this-biden-tax-hike-will-hit-mom--pop-hard/?sh=7ade7be02d8d | This Biden Tax Hike Will Hit Mom & Pop Hard | This Biden Tax Hike Will Hit Mom & Pop Hard
After the Democratic National Convention, former VP Joe Biden pledged 'no new taxes' on incomes under $400,000 and on mom & pop businesses, but that vague commitment seems to conflict with much of the $4 trillion tax plan he previously rolled out. With up to $23 million per m... |
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