IRS
The Tax Blotter – Nov. 2022
The Tax Blotter is a round-up of recent tax news and rulings.
Home Sale Gain Exclusion When a Taxpayer Remarries
Under Section 121 of the Internal Revenue Code, you may be able to exclude most, if not all, of your gain from tax when you finally sell the home.
100% Bonus Depreciation for Aircraft Purchases About to End
For the last five years, businesses have been able to use bonus depreciation to expense 100 percent of qualified property, including big-ticket purchases like business aircraft.
Tax Court Decides “He Said, She Said” Case
Generally, the IRS has three years from the later of the time your tax return was filed or its due date to review the return and assess tax.
Trump Accountant Testifies on Taxes: Shocked by Christmas Bonuses
Accountant: "I probably would’ve had a heart attack,” Bender said on cross-examination.
Warren, Shaheen Urge IRS to Probe TurboTax
Senators claim TurboTax has sent refunds to bank accounts opened without the permission of taxpayers.
Zelle Users Are Circumventing an IRS Tax Rule to Their Advantage
Zelle says the new IRS 1099-K reporting rules for third-party payment processors do not apply to them.
FTX Users Can’t Count on Help From the IRS
When market investors suffer losses, they’re often eligible for a tax write-off to soften the blow. FTX users won’t be so lucky.