In early March, after a two-week trial and eight hours of deliberations, a Nashville jury awarded TV sports reporter Erin Andrews $55 million in damages for her lawsuit against a Nashville hotel after she was videotaped in 2008 without her knowledge. Andrews sued for $75 million in damages for negligent infliction of emotional distress and invasion of privacy.
Renouncing Your US Citizenship to save Taxes? Think Again.
Unlike most countries, the U.S. taxes its citizens on all income, no matter where they live and where their income is earned. The current United States tax laws, because of requirements for reporting income, filing tax documentation, as well as the ensuing tax obligations, have made many Americans renounce their citizenship. Section 349(a)(5) of the Immigration and Nationality Act details a U.S. citizen’s right to voluntarily renounce his or her citizenship. Signing an oath of renunciation is an irrevocable act unless the individual is under the age of 18.
Uber drivers – employees or independent contractors? (What’s the significance anyway?)
By now everyone is familiar with Uber. And in case you’re not, Uber is an online taxi dispatch company that uses its own mobile app that allows its customers to submit a trip request on their smartphones for drivers who then pick up riders using driver-owned vehicles.
Uber’s business is built on an independent contractor (IC) model, which in Uber’s case means that ideally, Uber drivers receive no benefits, use their own vehicles, and pay all expenses for gas, maintenance, and insurance. Twenty to twenty-five (20 to 25) percent of driver earnings are paid to Uber as a fee to use its service. Some estimate that this contractor model can save businesses up to 30% on labor costs.
Is The $1,100,000 Limitation On Mortgage Debt For Purposes Of Determining Deductible Interest Expense Applied On A Per-Taxpayer Or A Per-Residence Basis?
Issue
Is the $1,100,000 limitation on mortgage debt for purposes of determining deductible interest expense applied on a per-taxpayer or a per-residence basis?
Related Tax Rules or Regulations
Internal Revenue Code Section 163(h)(3) allows a deduction for qualified residence interest on up to $1,000,000 of acquisition indebtedness and $100,000 of home equity indebtedness. Should your mortgage balance (or balances, since the mortgage interest deduction is permitted on up to two homes) exceed the statutory limitations, the mortgage interest deduction is limited to the amount applicable to only $1,100,000 worth of debt.
Case Study
New Highway Bill Gives IRS New Collection Tools
In December 2015, Congress passed the Fixing America’s Surface Transportation Act (FAST). Provisions included in this bill authorize the State Department to deny or revoke passports for individuals with delinquent tax debt of more than $50,000. The bill also resurrects the IRS private debt collection program and requires the IRS to use third-party entities to collect tax debt under limited circumstances. The IRS contracted with private debt collection agencies from 2006 to 2009, but then at the end of this period insisted it could more efficiently collect the debt itself, thus ending the private program.
What Is The United States Tax Court And What Happens When The Tax Court Hears A Case?
The United States Tax Court is a federal trial court established by Congress under Article I of the U.S. Constitution, section 8. The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service. The U.S. Tax Court is not an agency of, and is independent of, the executive branch. The U.S. Tax Court is the only forum in which taxpayers may file a case without having first paid the disputed tax in full. Tax Court judges are appointed for a term of 15 years, subject to presidential removal for actions related to neglect, inefficiency, or malfeasance.
Marvel Entertainment And Cancellation Of Indebtedness Income
Issue
Under the tax code, when cancellation of indebtedness income excluded from gross income results in a reduction of combined net operating losses, and a business entity can carry forward this reduction to offset income in following tax years, must this net operating loss be reduced at the combined entity level or at the individual entity level?
Related Tax Rules And Regulations
Internal Revenue Code Section 108
Facts
Should Donald J. Trump Release His Tax Returns?
In this most interesting presidential election primary season, many different issues have dominated the news. Perhaps no candidate has dominated the airwaves more than Donald J. Trump, the leading candidate in the Republican primaries. Unsurprisingly, Mr. Trump has made a number of controversial statements, antagonizing a variety of groups and countries alike. It is no surprise then that Trump is again in the center of the latest controversy – the release of his tax returns.
Congratulations on your New Home Purchase…Oops! You’re liable for Seller’s Taxes!
Congratulations on your New Home Purchase…Oops! You’re liable for Seller’s Taxes!
As a buyer, no more rude shock can intrude on your new home celebration than finding out you are liable for Seller’s taxes. Understandably, by the time of your closing, you may have nearly depleted your bank account, paying the purchase price plus the myriad fees and charges for your new home. When the IRS comes calling soon afterwards, asking you to also pay Seller’s taxes, you can be excused for being very astonished. Yes, this can happen; this scenario is not as far-fetched as it may sound.
Negligence or Tax Fraud? What is “Negligent” and What Is “Willful” Conduct to the IRS?
What does the IRS consider to be negligent or non-wilful conduct when it comes to tax-related activity like filing income tax returns and making deductions? What does it consider wilful conduct? When is such activity tax fraud?
Tax fraud is a general term which is defined as taxpayer’s intent to defraud the government by not paying taxes that the taxpayer knows are lawfully due. Tax fraud can be punishable either civilly, criminally, or both. Under federal law, civil violations are primarily located in Title 26 and criminal violations mainly in Title 18, respectively, of the United States Code (“U.S.C.”).