Pursuant to President Trump’s executive order, the IRS will be accepting income tax returns that do not complete the requirement to report your health insurance on your income tax return. However, the IRS has stated that it can, and may, follow-up on income tax returns that leave the information blank.
If you would like assistance filing an income tax return, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.
General Wireless Operations, Inc., the company that took over RadioShack after it filed bankruptcy the first time, has filed for bankruptcy. After failed attempts to revive RadioShack, including attempting to strike up deals with Sprint, the company has gone under once more.
If you are thinking of filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
The state of Mississippi is now requiring that any company that sells items through the mail above $250,000 per year will be subject to collecting the state’s sales tax. This means that companies such as Amazon and Quill will be required to collect sales taxes on their sales in the state of Mississippi. While this does not affect Missouri or Kansas just yet, it may soon.
If you are facing tax issues, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.
Don’t Run at Someone with a Stick
A Missouri man who ran at another person holding a long stick was found guilty of attempting to cause harm to a person with a dangerous instrument.
If you have been charged with a crime and need assistance, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.
A Missouri defendant represented himself in his criminal trial. After he lost, he attempted to appeal his guilty verdict citing ineffective assistance of counsel. Missouri courts have ruled that, when you represent yourself voluntarily, you cannot claim ineffective assistance of counsel.
If you have been charged with a crime and need assistance, contact our law office at 816-524-4949 or visit our website at www.hoorfarlaw.com.
Egg donors have to go through a barrage of tests and hormone therapies and as such are compensated rather well. The payout for enduring the process generally runs around $50,000 for those who make it through. In Perez v. Commissioner the tax court finally made a definitive ruling that this money is taxable. Perez tried to argue that the payment was for pain and suffering and thus excludable under Internal Revenue Code Section 104 as a payment for physical injury.
For all you tax buffs it is important to note what the case was not about. It was not a case to determine the tax treatment of selling her eggs. Perez was compensated for her time and would have been paid regardless of whether there was a successful donation. Though income from donating other items such as plasma is taxable.
If you need help with your taxes, contact us at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
A Lee’s Summit man was recently convicted of mortgage fraud for stealing $3.7 million dollars. Albert Roberts was sentenced to four (4) years in prison without parole and ordered to pay restitution in the amount of $1.9 million dollars. If you have been charged with a crime, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.
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.
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.
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.