Is Alimony Tax Deductible & Related Tax Disputes Involving Alimony

Alimony can be a complicated and contentious issue in divorce proceedings, particularly when it comes to taxes. If payments qualify as alimony pursuant to federal tax law, the payments may be tax deductible by the payor spouse and included in gross income to the payee spouse. Conversely, if the amounts are not alimony for federal…

IRS Recognizes Employee Tool and Equipment Plans

Employee Tool and Equipment Plans have become increasingly prevalent in industries where employees require specialized tools and equipment to perform their job effectively. These plans benefit both employers and employees by providing access to necessary resources and reducing the cost burden on employees. There are tax implications to consider, and mistakes can be made if…

The Private Trust Company

Private trust companies are becoming increasingly popular among high-net-worth families who want greater control and flexibility over their trust administration. Unlike traditional corporate trustees, private trust companies are owned and operated by a family or group of individuals. This allows for more personalized service and a deeper understanding of the family’s unique needs. One of…

The Disqualified Employment Tax Levy

Taxpayers generally know that an IRS levy is not a good thing. Most have some sense that it can affect their financial well-being. If they have not been subject to an IRS levy, this may be all they really know about it. The term “levy” is a verb that, in the context of the IRS,…

U.S. International Tax Withholding & Reporting (Explained)

International tax law is a complex and ever-evolving area of law that governs the taxation of income earned by individuals and businesses across different countries. As globalization continues to increase, cross-border transactions become more prevalent, and more individuals and businesses work across borders, understanding international tax law has become increasingly important. One key area of…

Tax Issues Faced by Pilots & Transportation Employees

The U.S. tax system applies to U.S. citizens no matter where they are in the world. Our tax laws also provide various limitations, exclusions and other benefits based on where the person is when the income is received or expense is incurred. If the assumptions of a static taxpayer who doesn’t travel or move around…

Innocent Spouse Relief for Ex-Spouse’s Income

Divorce is a stressful situation. It is one where people do not always act as they should. This includes taking actions that caused or led up to the divorce. Right or wrong, the shared finances of marriage often come into play. This results in additional marital disputes. Innocent spouse relief can provide a much-needed remedy…

A Look at Tax Legislation: What’s On the Table

Tax laws play a crucial role in shaping the economic landscape of a country, and the United States is no exception. Currently, there are several tax laws being considered by Congress, each with the potential to impact millions of Americans. From addressing the taxation of cryptocurrency to implementing new tax credits, these measures can range…

Tax on Insurance Agent’s Repayment of Advanced Commissions

As a service provider, you might receive an advance payment from a party who pays for your services, which could be considered income subject to taxation. But what if you might have to repay those funds later? Are you still taxed on the advance payment in year one? The answer to this question can have…

Truck Driver Not Entitled to Deductions When Records Destroyed

The IRS has a long history of going after truck drivers. There are a number of reasons for this, but, largely it is because of the nature of the expenses that truckers incur. Most truck drivers are small business owners, as they own and operate their own rigs. These small businesses travel, so their expenses…