IRC Section 1231 deals with gains and losses from the sale of property used in a trade or business as well as certain involuntary conversions. Section 1231 has been labeled as providing the “best of both worlds” for allowing net losses to be treated as “Ordinary Losses” and net gains to be treated as “Long-Term Capital Gain...
Many U.S. athletes had great success at the 2012 Summer Olympics in London. We all know that winning an Olympic medal means, well, one is physically presented with an Olympic medal (gold, silver or bronze) on the podium. The medals themselves have an economic value, albeit fairly low if determined based upon the actual amount of p...
Most Taxpayers are aware that the IRS has rules and regulations regarding filing tax Returns and paying taxes. Of course, if there are rules and regulations, it follows that there must be consequences for failing to comply. This is particularly important since, for the most part, the Federal Income Tax system is based upon Taxpayer�...
Every day, taxpayers get into trouble with the IRS. Some have violated the Federal Income Tax laws, some are “unjustly accused” and others are merely misunderstood. We rarely hear about them. However, we often hear about the famous and infamous. Here are just some of those people. Scarface: It is not possible...
Spring is in the air... and Taxpayers are scrambling to get their Federal, State and local income tax returns prepared and filed. Some are struggling to pay their income tax. Due Dates: Here are the key Income Tax Return deadlines for 2011 calendar year taxpayers (filing Returns and paying the taxes due): ...
Whether you call it COVID-19 or Coronavirus, there is no deny that this global pandemic has begun impacting all of our lives in ways predictable and unpredictable. One predictable impact is the stress on employees and employers as they try to juggle work and taking care of their own health needs and care of family members. The fed...
In a historic piece of legislation the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was put into law to help combat the economic havoc that Coronavirus is doing to the economy. The CARES Act provides $2.2 trillion in economic aid to individuals, and businesses of all sizes. The question for small business owne...
