There's a first time for everything...including relief from tax penalties.
... Read This PostDefinition — Puzzling out the basis
Love is the basis for everything except S corporation stock. For that, income, losses, deductions, and credits are what count.
... Read This PostDecisions — Time to raise the bar
The statute of limitations can bar a claim for refund. What happens if that means the government is going to collect tax twice for the same event?
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Decisions — Directly prohibited
You can't do that. The Beatles sang the song and the US congress wrote the law: certain transactions are prohibited when you own an individual retirement account.
... Read This PostDefinition — Identifying the employer
What's your number? If you're required to file certain business tax returns, the answer is an employer identification number, or EIN.
... Read This PostDefinition — Penalizing the preparer
According to the Return Preparer Office of the IRS, as of March 1, 2018, 728,049 individuals had current preparer tax identification numbers.
... Read This PostDefinition — Virtually taxable
If you want to know the value of money, both real and virtual, you can try to borrow some. Or, in the case of digital currency, you could ask the Internal Revenue Service.
... Read This PostDecisions — Timing is everything
The time may never be just right, but there is a right time for everything, including reporting income.
... Read This PostDecisions — Equally taxing
Hypothetically speaking, what are the odds you have income when your employer pays for your tax return preparation?
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