Tax Warrior Chronicles

Wrongfully Levied by the IRS?  Time is Now On Your Side

Posted on Thu, Feb 22, 2018

By: Joseph Moukhliss, EA

 

Sometimes, the IRS wrongfully issues a levy.  The process of filing a claim to reverse the levy is fraught with time-consuming administrative steps and related costs. However, the 2017 Tax Cuts and Jobs Act (TCJA) has a provision that should relieve some of the stress involved and expands the time for filing a claim. 

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The Bitcoin Dilemmas in the U.S.

Posted on Thu, Nov 02, 2017

By: Eric R. Elmore

 

The last few years have seen the rise of digital currencies, most notably Bitcoin. Investors have taken a shine to the so-called cryptocurrency and its value has skyrocketed.  But, what is it really and what can you use it for?  And, what are the related tax issues?  Here’s an overview of Bitcoin and The Tax Warrior perspective on some potential issues.

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Making the Best Use of a Vacation Home Under Today’s Rules – Part I

Posted on Thu, Jul 30, 2015

Just like the ocean every day, the economic tide is changing. Between the real estate markets, which have strengthened in areas across the country, and favorable interest rates, the idea of owning a vacation home is becoming a reality for many families. There are many tax advantages to owning a vacation home; however first you must determine if your vacation home will be treated as a residence or as a rental property.

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REIT Conversions Growing: Could Your Business Qualify?

Posted on Mon, Nov 10, 2014

Real estate investment trusts (REITs) have long been tax-favored vehicles for promoting investment in real estate. They can escape entity-level taxation as long as 90% or more of its income is paid to the shareholders. There has been a growing trend of companies seeking REIT status that, in the past, did not fall cleanly within the traditional REIT model. In our previous blog, Why Every REIT Should Know About Taxable REIT Subsidiaries, we laid out the basic principles of REIT taxation.  Here we will summarize those basics and highlight several rulings and developments in the area that have recently made REIT status more widely available.

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Nonresident Partners Liable for PA Tax on Foreclosure

Posted on Thu, Oct 09, 2014

Wirth v. Commonwealth of Pennsylvania

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