You’ve Won a New Car
February 27th, 2017
If you win the prize on a game show in California you have to pay a 10% withholding tax at the conclusion of the filming of the show. So if you didn’t win cash or bring a stack of hundreds with you it may be necessary to sell the prize on the spot. However, if you sell the prize before you use it you can probably claim whatever you sold it back for as the value for income tax purposes. On the other hand, if you use the prize at all you will have to claim the full retail price as the value even if you sell it for significantly less the next day.
If you have tax questions, give us a call at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Do You Believe in Miracles
February 24th, 2017
The United States Olympic Committee awards cash prizes for bringing home the gold, and silver and bronze. These prizes are taxable despite complaints from lawmakers that, like the games themselves, roll around every couple of years. However, for most athletes not named Michael Phelps the tax bill for the prize is negligible. This is because the costs incurred for training and travel are deductible under the hobby loss rules for amateur athletes and as business expenses for professional ones.
If you need help with your taxes, contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Pirate treasure and other found money
February 23rd, 2017
Unlike the pirates of the past who were stealing from the Spanish crown, any U.S. taxpayer who finds buried loot will have to pay income taxes on it. This was established in Cesarini v. United States.
Mr. Cesarini bought a used piano for $15 and found nearly $5,000 in cash inside. The IRS said that his treasure trove was part of his gross income citing I.R.C. Section 61 and taxed it. Mr. Cesarini had his day in court, but lost. He also lost when he took the case to the Sixth Circuit Court of appeals.
If you need tax help, contact our office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Bankruptcy and Divorce
February 22nd, 2017
Generally, you cannot get rid of your child support or alimony payments in a Chapter 7 bankruptcy. These amounts even include property settlements from a divorce. However, some of these may be eliminated in a Chapter 13 bankruptcy.
If you are thinking of filing bankruptcy, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Business Bankruptcy Filings Increase
February 17th, 2017
In comparing October 2016 to October 2015, business bankruptcy filings has increased 21% nationwide according to Epic Systems, Inc. In October 2016, 401 business bankruptcy filings occurred.
If you are interested in learning more about bankruptcy, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Two Years to Sue a Doctor
February 16th, 2017
In Missouri, you have two (2) years from when you learned of your injury to file a medical malpractice lawsuit against a physician or other medical professional. If you have been injured, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
The IRS Indicts an IRS Agent
February 15th, 2017
Former IRS employee Carla Mitchell, a 48 year old woman from Kansas City, Kansas, was indicted by a federal grand jury for filing false tax returns. Carla is charged with filing false tax returns for herself and 13 of her friends, for multiple years, claiming fraudulent income tax refunds in the amount of $118,000.
If you need tax help, contact our law office at 816-524-4949 or visit or website at www.hoorfarlaw.com.
Wet Seal Files for Bankruptcy
February 8th, 2017
Wet Seal, LLC filed for Chapter 11 bankruptcy protection lately, adding to the long list of retailers that have recently filed for bankruptcy. If you are interested in filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Stop Stealing Cows
February 7th, 2017
A Missouri man was convicted of a Class A Misdemeanor for stealing livestock. If you have been charged with a crime, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
Bankruptcy Filings are at Lowest Level Since 2006
February 6th, 2017
In 2016, approximately 45,000 less bankruptcy cases nationwide were filed than the year 2015. The bankruptcy filings for 2016 are the lowest they have been since 2006.
If you are interested in filing for bankruptcy or would like to speak to someone about debt relief, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.