Taxpayer asks: Can I reduce or eliminate taxes from civil suit and punitive damages winnings by immediately investing in a home? Taxgirl says: Unfortunately, no. You can’t reduce or eliminate taxes from the proceeds of a lawsuit by investing it in real estate—or any other kind of asset. I think you might be thinking about…
There are two parts to settling up with the IRS: assessment and collections. I took a look at what you need to know about IRS collections and statutes of limitations—you’ll find it here. *** The link will take you away from my site. You’ll find most of my new work at Bloomberg Tax (don’t worry,…
Recently, a New Jersey woman was sentenced for her involvement in an infamous GoFundMe scam. The saga is a good reminder that you should take care before handing over your hard-earned cash—even if it’s for a great cause. Here are a few tips to consider. Post-column update: On August 5, 2022, Mark D’Amico was sentenced…
Tax agencies have a variety of ways of encouraging tax compliance, including publishing taxpayer delinquency lists and filing liens. The rules—and your options—can vary between states and IRS. Here’s what you need to know, including how to avoid notoriety. *** The link will take you away from my site. You’ll find most of my new…
Filing taxes can be a complex process involving different rules and stipulations for American citizens living outside of the United States. What do Americans citizens living abroad need to know about US taxes? On today’s episode of the Taxgirl podcast, Kelly is joined by Nathalie Goldstein to talk about taxes for Americans living outside the…
Supporting gender equality within the global tax accounting and legal industries is essential. This month, female representation takes on even more meaning, as it is Women’s History Month. What is the importance of gender equality within the tax profession? On today’s episode of the Taxgirl podcast, Kelly is joined by Kate Barton to talk about…
Recently, Americans have experienced rising prices. But when it comes to economic inflation, how does this affect the taxes you are expected to pay? How could the impact of inflation affect your tax bill? On today’s episode of the Taxgirl podcast, Kelly is joined by Tim Speiss to talk about the impact of inflation and…
Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information reporting requirements for compliance can be confusing and intimidating for taxpayers. What changes has the IRS made to tax information reporting requirements? On today’s episode of the Taxgirl…
The world seems to be finally recovering as we come out of the pandemic. The global economy has rebounded and the global GDP is projected to increase. But will this trend continue? What do CEOs think about the economy and next steps? On today’s episode of the Taxgirl podcast, Kelly is joined by Kathryn Kaminsky…
Over the past year, there have been significant changes to the child tax credit. So what exactly do taxpayers need to know about the differences from last year to this year, and how will those changes affect them? What do people need to know about changes to the Child Tax Credit? On today’s episode of…
