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Category Archives: Taxation
IRS continues adjustments to unemployment compensation, prepares another 1.5 million refunds
Last week, the Internal Revenue Service said that another 1.5 million taxpayers will be receiving refunds averaging more than $1,600. The IRS is adjusting unemployment compensation from previously filed income tax returns as a result of the American Rescue Plan … Continue reading
Washington County businessman gets prison in tax, bankruptcy, unemployment schemes
A judge has sent Washington County business owner George Retos Jr., 71, to federal prison for a year and a day for conspiracy to defraud the IRS and filing a false bankruptcy declaration in connection with his companies, reported by … Continue reading
What Teachers Should Know About Deducting Out-of-Pocket Classroom Expenses
Eligible educators may be able to deduct qualified expenses they paid in 2019 when they file their 2019 tax return. Taxpayers qualify for this deduction if they meet the following criteria: Teach any grade from kindergarten through twelfth grade Work … Continue reading
Lil’ Kim Files for Bankruptcy
Recently the IRS disclosed that the platinum selling rapper owes $1.47 million in back taxes. Her court documents list more than $4 million in both secured and unsecured debts. Her gross annual income dropped in recent years from roughly $825,000 to … Continue reading
Jawbone Trade Secrets Case Leads to 6 Fitbit Staff Indictment
In a statement released by the Department of Justice, six former and current Fitbit Inc. employees were charged for possessing trade secrets stolen from their competitor Jawbone. Each employee had worked previously at Jawbone for a minimum of a year … Continue reading
Miranda Rights
Here are a few tips, courtesy of the Missouri Bar, regarding your Miranda Rights: What Are Your “Miranda” Rights? The name “Miranda” comes from a case decided by the United States Supreme Court. The Court’s decision requires the police to … Continue reading
What to do if you get arrested
Here are a few tips from the Missouri Bar regarding if you get arrested: When Can You Be Arrested? • If a police officer has a warrant for your arrest. • If a police officer believes that you have violated … Continue reading
More Innocent Spouses Qualify for Relief Under New IRS Guidelines
The Internal Revenue Service released new proposed guidelines designed to provide relief to more innocent spouses requesting equitable relief from income tax liability. A Notice proposing a new revenue procedure, posted today on IRS.gov, revises the threshold requirements for requesting … Continue reading
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IRS and Treasury Department Publish Temporary Regulations on Treatment of Tangible Property
The Internal Revenue Service and Treasury Department published in the Federal Register temporary regulations that provide guidance to taxpayers on the treatment of amounts paid to acquire, produce or improve tangible property and regarding the accounting for, and dispositions of, … Continue reading
Posted in Individual, Taxation
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Interest Rates Remain the Same for the First Quarter of 2012
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) … Continue reading