by Leif Jensen | Mar 13, 2018 | General |
Retaining too much control over a company costs an inventor a tax benefit. The Royalties he got from patent transfers do not qualify for capital gains treatment. Inventors who sell to an unrelated person their entire interest in a patent they created before commercial...
by Leif Jensen | Mar 12, 2018 | General |
The $10,000 cap on deducting state and local taxes is causing chaos. In an attempt to beat the deduction crackdown coming in 2018, many homeowners rushed out January to prepay 2018 property tax liabilities, in the belief they could deduct them on 2017 returns,...
by Leif Jensen | Mar 7, 2018 | General |
Do you need or want to apply for or renew a passport? Then you need to make sure that your taxes are paid up and current. The State Department can deny and has revoked U.S. passports of individuals with federal tax debts in excess of $51,000 and on whom...
by Leif Jensen | Mar 6, 2018 | General |
Surprise the Service’s private debt-collection program is off to a shaky start. A 2015 law called for the agency to turn over many inactive tax receivables to private debt collectors in an effort to recoup overdue taxes owed by taxpayers. The IRS began...
by Leif Jensen | Mar 5, 2018 | General |
Surprise, charity insiders who use funds for personal use can draw a huge tax penalty. The founder and chief executive officer of a 501(c)(3) tax-exempt organization used money in the group’s checking account to pay for a host of personal expenses (i.e....
by Leif Jensen | Feb 28, 2018 | General |
Making infrequent sales of real estate costs a taxpayer an ordinary loss. The seller, who was a real estate pro, first sought to develop land he owned. But after the development activities stalled and did not progress beyond the planning stage, he had put the land in...
