Individual

Twitter Tax Tips #15

ByKelly Phillips Erb March 17, 2009May 14, 2020

Losses aren’t taxable losses until realized (even if they suck). If no sale or other taxable event, no taxable loss. #TwitterTaxTip

(For more on twitter tax tips, see my prior explanatory post.)

Kelly Phillips Erb

Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains tax news, IRS updates, scams, financial crime, and money in plain English.

Individual | Politics | Tax policy

Hey Congress, Why Don’t You…? Eliminate Benefits For Having Kids
ByKelly Phillips Erb September 2, 2009May 19, 2020

David Smith writes: If I could make one change in the tax code, I would eliminate any benefits for having children. I chose to be single. I chose not to have children. I am appalled to see how much our tax system subsidizes having children. It is welfare, just put forth another way. I already…

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Corporate | Individual

Walmart Blames Sluggish Sales On Taxes, Enjoys Lower Effective Tax Rate
ByKelly Phillips Erb May 16, 2013July 11, 2020

Wal-Mart Stores, Inc., (Walmart) had mostly good news for Wall Street yesterday when it reported earnings of $3.78 billion, or $1.14 per share, in the first quarter. Those earnings were consistent with Walmart’s expectations of $1.11 to $1.16 per share and just short of analysts’ average forecast of $1.15 per share. Those earnings were likely…

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Individual | Taxes From A to Z®

Taxes From A To Z (2013): S Is For Statute Of Limitations
ByKelly Phillips Erb April 3, 2013July 8, 2020

S is for Statute of Limitations. All good things must come to an end… And even the Internal Revenue Service has a limit on how much time can pass before they may no longer assess and collect on federal income taxes. In the legal world, these time limits are called the statute of limitations (SOL)….

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Fix the tax code Friday | Individual | Tax policy

Fix The Tax Code Friday: Filing Status
ByKelly Phillips Erb August 13, 2010

Today’s Fix the Tax Code Friday question is inspired by a comment on yesterday’s post from TexasEd: What if there was no such thing as filing status? No single, no married filing separate, no married filing jointly, no head of household, no qualifying widow with dependent child. Just one taxpayer per return. What do you…

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Just for fun | Site Info | Tax Professionals

Taxgirl Gets Nod From LexisNexis
ByKelly Phillips Erb November 19, 2011

Aww shucks (*blushing*). The nice folks at LexisNexis have advised that my blog at taxgirl.com has been selected as one of the LexisNexis Top 20 Tax Law Blogs of 2011. The voting for the top blog begins now. You can vote for your favorite (*clears throat*) by following this link. You have to be registered…

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Corporate

Facebook Could Owe IRS Billions, Continues To Ignore Tax Summons
ByKelly Phillips Erb July 29, 2016November 19, 2020

The IRS has alleged that Facebook has failed to comply with a 7th summons isn’t the only tax issue for the social media giant. On the same day that Facebook announced second-quarter profits of $2.06 billion, the company indicated that could be subject to additional federal income taxes of $3 billion to $5 billion.

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