Getting an inheritance can come with certain obligations. In some cases, these obligations can include filing paperwork with the Internal Revenue Service (IRS). But what happens if you do not? The answer depends on the details of the situation. A recent case provides...
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Month: August 2019
President Trump takes on IRS in a win for small business
President Donald Trump recently signed into law the Taxpayer First Act. This law results in “an overhaul” of the Internal Revenue Service (IRS). One change that will affect small business owners: the RESPECT Act. What is the RESPECT Act? This portion of the Taxpayer...
Win or settle your lawsuit? Get a cut ready for the IRS.
The Internal Revenue Service (IRS) is notorious for showing up whenever money changes hands — selling your business? Do not forget to pay a portion to Uncle Sam. Are you getting divorced? If you do not follow the rules, the IRS could take a cut of your assets. Are you...
To report or not to report: Why is virtual currency so difficult?
Governments are struggling with how to manage virtual currency. The Internal Revenue Service (IRS) and Department of Treasury continue to struggle to find the right way to handle this asset and have taken different stances. Digital currency has similarities to other...