Innocent Spouse Relief: The IRS’ Role in Supporting Healthy Relationships
Getting married is a big deal. Outside of the expensive and onerous process of actually having a wedding, the marriage itself carries a lot of weight. Married couples are legally linked, sharing personal profit and loss relatively equally, and this includes at tax time. For most couples, taxes are just another laborious task required to live a […]
What Items Are Taxable?
A number of events can give rise to taxable income even though you haven’t received any cash. In this podcast, we’ll discuss constructive receipt and what it means to have a legal right to a payment; tax consequences for a plaintiff in a personal injury action or employment-related matter; cancellation of debt income; and phantom […]
How Long is Too Long to Retain Old Tax Records?
Pop quiz: How long should you hold on to your tax returns? If you guessed at least three years beyond the due date of the return, then you’re not alone. That is the standard answer that the vast majority of taxpayers give. Most taxpayers have also learned that if they were able to obtain an […]
On or Off the Ice, There Are No Miracles in the Case of Presley v. U.S.
The tale of the 1980 U.S. Olympic hockey team is one that will be recounted for generations: a team of fresh-faced college students with a losing track record took on the Soviets, the greatest hockey dynasty in Olympic history, and won. The 4-3 victory under Coach Herb Brooks was unprecedented, unexpected, and, frankly, unbelievable, showcasing […]
Debt After Discharge: The Responsibilities of the IRS
Bankruptcy is often a last-ditch effort for individuals who feel as though there’s no way out of a bad financial situation. Making the choice to file often comes with a litany of challenging emotions like fear, guilt, and anxiety, but virtually all filers feel as though most of their debt struggles will be minimized or […]
Rescued From the Brink of Insanity: How To Tell Whether Litigation Damages Are Taxable
You’ve just settled a long and arduous lawsuit with a hostile adversary who wouldn’t give an inch. As you are reclining back in your easy-chair and relishing the moment, it suddenly dawns on you, “Must I pay taxes on this award?” This is an important question, yet one that is easy to overlook with the […]
Updates on IRS Collection Issues
In this podcast, I cover a few of the more prominent collection issues that the IRS recently updated.
Has the Final Curtain Fallen on The Jersey Boys Legal Woes?
Jersey Boys is by far my favorite Broadway musical. For those who are unfamiliar with Jersey Boys, you must be living under a rock! Jersey Boys was a 2005 jukebox musical with music by Bob Gaudio, and book by Marshall Brickman and Rick Elice. It is presented in a documentary-style format that dramatizes the formation, success […]
Big Win for Taxpayers in A Watershed “Willful” FBAR Penalty Case
I’m a little slow in getting around to this one, but back on September 20, 2017, the Eastern District of Pennsylvania released a taxpayer-friendly opinion regarding the “willfulness” standard in FBAR penalty cases. In Bedrosian v. United States, Case No. 2:15-cv-05853-MMB (E.D. Pa., Sept. 20, 2017), the district court held that the government had not met its burden of proof […]