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The value of the shares ($100,000) received in the settlement likely are fully taxable, assuming this was not for a claim of personal physical injury or illness. Loss on the sale of the shares—the d...

Usually, the IRS has only 3 years from the due date of a return to commence an audit. However, if there is an omission of gross income of more than 25%, than the IRS has 6 years to act. A question tha...

The gambling industry in the United States generates more than $92 billion in revenue. The revenue comes from such activities as commercial casinos operating in 12 states, casinos on Indian tribal lan...

The cost of vehicles purchased for business can be recovered by expensing (limits may apply), which provides a greater up-front write-off than depreciation claimed over a number of years. In one recen...

Certain arguments made by taxpayers in the past have been determined to have no validity in the law and, thus, are deemed to be "frivolous." As such those who continue to advance them can be subject t...

Taxpayers have a duty to file an accurate tax return. But errors occur nonetheless. There can be mathematical errors or omissions of income and overstatements of deductions. When the errors are the re...

One investor who bought a cryptocurrency at $1 per unit and it declined to a penny a unit by the end of the year. He asked the IRS whether he could deduct a loss due to worthlessness or abandonment an...

The Tax Court, in a lengthy opinion, for the first time has decided that gender identity disorder (GID) is a disease, so that treatment of that disease (reassignment surgery) is a deductible medical e...

If you receive certain notices from the IRS requesting additional information, you may now be able to update documents to the IRS instead of mailing them in (IR-2023-29). If you receive one of the not...

Modified adjusted gross income (MAGI) is a term used in the tax law for various purposes. It may be the benchmark that allows you to claim certain tax breaks or bars you from others. It is also used f...