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Posts tagged "Tax Controversy"

Legitimate business or just a hobby? How the IRS tells them apart

Hobbies are an important part of our lives. They offer stress relief, the opportunity to develop new skills, the ability to escape from the rigors of our everyday lives, and are an important part of allowing us to remain vital and active into our twilight years.

What's in a name? Pop star's estate disputes with IRS.

Getting contacted by the Internal Revenue Service (IRS) is one thing that can put everyone on equal footing. It does not matter if you are a regular Joe the Plumber or the King of Pop, a phone call or mailing from the IRS will likely increase your heart rate and cause you to break into a cold sweat.

Syndicated conservation easements drawing IRS scrutiny

The IRS recently issued Notice 2017-10 addressing flaws in what are known as "syndicated conservation easements." The IRS has stressed that legitimate conservation easements (when the owner of land gets a tax deduction for donating use of the land is for a protected purpose such as wildlife or wetland preservation, grazing, historical importance, etc.) are not meant to be impacted by this Notice.

What you should know about real CP2000 notices

Benjamin Franklin notably said that only death and taxes were inevitable. This adage still holds true today. If you live, work or invest in the U.S., you will likely have a tax debt in some way, shape or form. Today's tax landscape is much, much more complicated than that experienced by our founding fathers, though. Not only do people nowadays have to deal with a tax code that is literally tens of thousands of pages long and an IRS procedural manual that's approximately the same size, they also have to deal with ever-evolving methods used by scammers and criminals trying to separate them from their hard-earned money.

Federal judge finds Sam Wyly knew system of tax shelters was improper

The latest chapter in a years-long legal saga between the IRS, the SEC, and once-prominent businessman Sam Wyly (and the estate of his late brother Charles) came this week in the form of a 459-page verdict from U.S. Bankruptcy Judge Barbara Houser. The Court found that there is "clear and convincing evidence" that Sam and Charles Wyly knew that their extremely complex and convoluted system of offshore trusts and shell corporations was designed for the sole purpose of hiding profits and other business transactions from the IRS to avoid paying taxes.

Form 1099-K and income reporting, part 2: the sharing economy

In the first part of this post, we explained how a new informational form, 1099-K, has caused considerable confusion. Since 2012, the form has been required for credit card companies and other "payment settlement entities" to report certain payments they have processed.