When one has rental real estate, the sale of that property can have significant tax ramifications. Some of these are good, while others can create significant tax liabilities.
First, the good news. If there were losses that could not be deducted due to the passive activity rules, these losses may be deducted on Schedule E in the year of sale, assuming the property is sold in a taxable transaction.
Partly in response to the problem faced by dealers in medical marijuana or those in states where marijuana sales are legal, the IRS has partnered with PayNearMe to allow taxpayers to make cash payment on their taxes at participating 7-Eleven stores in 34 states. This allows anyone without a bank account a more Read More
The IRS does pursue all taxes equally. The IRS is especially vigorous in going after payroll taxes withheld from wages that somehow don’t get paid to the government. The IRS calls it trust fund money that belongs to the government.
That makes any failure to pay—or even late payment—much worse.
In fact, that’s so regardless of how the employer or its principals use the money and regardless of how good a reason they have for not handing the money over to the IRS. When a tax shortfall occurs in this setting, the IRS will usually make personal assessments against all responsible persons who have an ownership interest in the company or signature authority over the company accounts. Read More
There is a lot of misinformation on the internet nowadays on this topic. While overseas Americans must be careful not to fall prey to, what I consider, unscrupulous advisors that liberally employ certain scare tactics, neither must such Americans be complacent with their tax situation. It is clear that the Internal Revenue Service and Congress have set their sights on United States persons living and working abroad because the potential for tax evasion is greater with offshore assets and accounts. Here’s the scoop about unresolved tax liabilities and what they can mean for the American living abroad.
Taxpayers living overseas are often misinformed or often conveniently forget about their US Read More
Want To Gain Expert Knowledge And Skills Converting An Existing S Corp To An LLC?
Secrets To Learn Working With A Retained Tax Recruiter Vs. Contingency
Legal Post: Texas Sales And Use Tax For Equipment Rentals
Canada Just Passed Law Increasing Exclusion Rate For Capital Gains To 66.6%
Biden Proposes Highest Capital Gains Tax in Over 100 YEARS
Recent Comments