For the recipient, the payment may be taxable, not taxable, or partially taxable. Moreover, if the payment is taxable, it may be subject to ordinary income tax rates.
Sen. Finance Chairman Ron Wyden (D-Ore.) and U.S. Rep. Earl Blumenauer (D-Ore.), have reintroduced legislation to end federal alcohol taxes on kombucha companies.
A Florida man was sentenced to 27 months in prison for promoting a scheme to file false documents with the IRS to fraudulently obtain large tax refunds.
In a recent case, the Tax Court again considered whether the 90-day time period to file a deficiency petition in the Tax Court is jurisdictional in nature.
Going back to square one sounds simple, but the tax system is rigid. Even so, the IRS accepts unwound transactions if everything occurs in the same tax year.
California tax officials are reporting recent cannabis tax revenue. Since January 2018, total cannabis tax revenue in the state to date is nearly $5.5 billion.
The IRS has been busy in the international realm triggering several court decisions that should get the attention of all taxpayers with any level of global reach.
A key issue with all charitable donations is value. The IRS might encounter several problems in the realm of art donations if it sticks with its standard procedures.
Ryan Finley explains that Coca-Cola’s prospects for success in its blocked income dispute with the IRS are bleak even if the blocked income regulations are ultimately struck down on appeal.
Approximately 95% of married couples file taxes jointly. That usually save money, but a joint return means that both spouses are on the hook for any mistakes.