by Leif Jensen | Oct 23, 2023 | Tax Court |
The courts do not determine when and how to tax staking rewards. Bad news for a man who was asking a court to rule on the taxation of staking rewards. A court tosses his case. He filed a refund claim alleging that token rewards he got from staking cryptocurrency are...
by Leif Jensen | Sep 6, 2023 | Tax Court |
The daughter convinced her parents that she needed funds for a fictitious legal battle. Being “good parents” and wanting to help her out, the couple withdrew $1.1 million in IRA and pension funds in 2017 and turned the money over to the evil daughter. They were taxed...
by Leif Jensen | Feb 22, 2022 | Tax Court |
When having an issue with your taxes and calling the IRS of instructions, is what we have been instructed to do, it is in the instructions. They are supposed to be the experts. Relying on an IRS phone operator’s incorrect advice doesn’t avoid a tax bill. A man called...
by Leif Jensen | Feb 14, 2022 | Tax Court |
Are you one of the millions that you have income from the cancellation or discharge of indebtedness? if so, keep in mind that insolvent taxpayers can escape tax on forgiven debts, in rare occasions. Where those taxpayers whose liabilities are greater than the fair...
by Leif Jensen | Jan 3, 2022 | Tax Court, Taxes |
Taxpayers have the following rights that apply whenever they have dealings with the IRS. The right to be informed – Taxpayers have the right to know what they need to do to comply with tax laws. They are entitled to clear explanations of the law and IRS...
by Leif Jensen | Dec 8, 2021 | Running a Business, Tax Court |
There is an issue that keep appearing in cases coming out of the Tax Court: Large rental losses taken by taxpayers claiming to be real estate pros. Real estate professionals must meet two tests to beat the passive-activity loss rules and deduct their rental losses in...
