by Pierre Philantrope | Apr 6, 2022 | Tax Tip
Every tax year million of taxpayers leave unclaimed money for the Treasury. Almost $1.5 billion unclaimed tax refunds may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 tax return, according to the Internal Revenue Service. The unclaimed...
by Pierre Philantrope | Mar 30, 2022 | Tax Tip
Generally, no gain or loss is recognized by either party on a transfer of property from an individual to a spouse, or a former spouse if the transfer is incident to divorce. When nonrecognition treatment applies under this rule, the spouse who receives the property in...
by Pierre Philantrope | Mar 23, 2022 | Tax Tip
Not all lawsuit settlements are taxed the same way A taxpayer may receive a substantial amount of money. There are certain tax consequences of which you should be aware. The money you receive may be taxable and, in many cases, the attorney fees that you pay relating...
by Pierre Philantrope | Mar 16, 2022 | Tax Tip
Taxpayers Save in Taxes by Claiming the Foreign Tax Credits. Your tax filing obligations follow you worldwide. However, there are several tax rules to avoid double taxation and to lower your tax liabilities. Taxpayers should keep track of their worldwide financial...
by Pierre Philantrope | Mar 2, 2022 | Tax Tip
Taxpayers, in general, are in a partnership with the Internal Revenue Service. However, unlike the case of traditional partnerships in which two or more taxpayers mutually agree on the terms of the partnership, in this partnership, the IRS sets the rules to share the...
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