Hollywood, CA/ USA – July 26, 2018: Oscar golden award in a souvenir store on Hollywood Boulevard. … [+] Success and victory concept getty Some say that an Oscars statuette is the most val...
Tag: IRS penalties
Tax Collections Are Up 23% As Inflation, Wages And Profits Rise
Internal Revenue Service federal building Washington DC USA getty Tax collections this year in the U.S. are up 23% compared to last year, according to a new study by the Tax Foundation citing Congress...
IRS Cancels Millions Of Penalties And Will Issue Refunds To Taxpayers Who Already Paid Them
The IRS has announced widespread penalty relief for those who filed late during the Covid-19 … [+] pandemic. getty Given the pandemic, did you file your 2019 or 2020 tax returns late? It happene...
Aretha Franklin Estate Settles IRS Tax Claims
Aretha Franklin, the Queen of Soul, died in 2018 without a will. She was one more in a long line of celebrities that are very successful but that neglect how important estate planning can be. Her heir...
Court Rules IRS Is Too Late To Audit, Win For Taxpayers
Tax returns are annual drudgery, but they matter. They matter for individuals, businesses and investment entities. Everybody must file one, or more than one, depending on how many entities you have. Y...
IRS Taxes Kentucky Derby Wins, But Can You Deduct Losses?
Rich Strike’s improbable Kentucky Derby win made the owner flush, with a $1.86M purse on a horse that only cost $30,000. There were plenty of other winners too, for anyone bold and prescient enough to...
If You Hold Crypto For Someone Else, Can IRS Collect Taxes From You?
MORGANTOWN, WV – 31 DECEMBER 2017: Ethereum or ether coin lying on top of similar golden coins to … [+] illustrate cybercurrencies getty It’s tax time, and crypto gains can be painfu...
Oscar Nominees Pay Tax On $140,000 ‘Gifts’—IRS Form 1099 Says No Gift
Everyone likes free stuff, no matter who they are, and the Academy Awards every year hands out pricey gifts. Maybe things are more austere this year, since a gift bag for top nominees in the past has ...
How To Write Off Legal Fees On Your Taxes
Since 2018, it’s been tougher to deduct legal fees, and some plaintiffs in contingent fee cases are taxed on their gross recoveries, not net after legal fees. Some call it a new tax on legal settlemen...
Jeopardy Champ Amy Schneider Faces Big Taxes On 40 Wins
Jeopardy Getty Images It can be mesmerizing to watch Jeopardy! especially when someone you are rooting for is doing well, is super smart, and makes you think. That was so with Amy Schneider, but her 4...