Monetizing intellectual property (IP) presents complex tax challenges, particularly in determining whether proceeds are taxed at favorable capital gains rates or higher ordinary income rates. Sales of IP assets must transfer substantial rights to qualify for capital gains treatment, while income from licensing agreements is generally taxed as ordinary income. These distinctions require careful transaction
On December 12, 2024, Frank Richard Ahlgren III of Austin, Texas, was sentenced to two years in prison for filing a false tax return, marking the first legal-source cryptocurrency income tax case. The case has garnered attention for its significance in cryptocurrency tax enforcement, as it represents a prosecution based purely on tax issues rather
Federal payroll obligations imposed on employers can be expensive and time-consuming. Therefore, it is not uncommon for companies to outsource these responsibilities to third parties referred to as “third-party payers” (TPPs). Under a TPP arrangement, the TPP deducts, withholds, and remits employment taxes and prepares and files the corresponding employment tax returns on behalf of
With the holiday season officially upon us, the Dollars and Sense team wants to make sure you maximize your giving and gifting! For so many businesses, and business owners, this time of year also means employer festivities, and gifting, are about to be in full swing.
For business relationships, there is a tax upside: customer
In recent headlines, an Ohio woman has brought a refund suit in district court, seeking recovery of taxes and withholding from the IRS that she claims were based on the improper return filed by her abusive ex-boyfriend. The ex-boyfriend fraudulently filed his 2015 tax return listing her as his spouse and her child as a
In a bench opinion dated September 27, 2024, the Tax Court sustained a Notice of Federal Tax Lien but not the proposed levy against Daugerdas, a convicted tax shelter promoter in home confinement in Illinois.
The petitioner’s underlying tax liability came about from court-ordered criminal restitution as part of the conviction result, after the Department
Gray Reed Tax Planning Partner Austin Carlson will be speaking about 1031 exchanges on a webinar hosted by ROI-Muse’s Commercial Investors & Brokers Alliance.
Scheduled for September 20, 2024, at 10 am CST, the webinar will provide a top ten rundown of tips and traps related to 1031 exchanges. During the webinar, Austin will discuss:
In one of my favorite legal movies, A Few Good Men, the lack of evidence on a particular point is brought up when Demi Moore’s character says to Tom Cruise’s character that he knows that something is true. Tom Cruise’s character then exclaims “it doesn’t matter what I believe, it only matters what I can
Disagreements happen. In the corporate context, one or more shareholders may share a different vision for the company than the other shareholders. Or, there may be acrimony amongst the shareholders for other reasons, as can often happen with family-run businesses. Regardless of the reason, sometimes shareholders simply want out.
Fortunately, the corporate income tax laws
With the IRS ERC moratorium still in effect, employers are carefully considering their options including litigation. Recently, the IRS indicated it was prioritizing low-risk claims while flagging others as problematic. With no clear end in sight for the moratorium, some employers are now considering litigation to obtain their ERC refund.
Law360 covered the topic on