Valuations on artwork are frequently too low or too high. An IRS review from 2011 to 2015, found that 58 percent of the works of art reviewed had been valued incorrectly.Taxpayers were prone to underestimate the value when art was gifted or left in a bequest. On the...
On tax day, an acquaintance shared via Facebook that she had received a letter from the IRS that included a significant tax bill. Federal tax debts can add up for a number of reasons and can follow you for a long time.The sale of an investment property required in...
If you are required to file a Report of Foreign Bank and Financial Accounts, known as an FBAR, and also called FinCEN Form 114, you may think you have plenty of time to meet this year's deadline -- if you think the filing date is June 30. FBAR filing date has...
The Affordable Care Act does not appear to be going anywhere this year. More failure to comply exchange notices are being sent from health insurance marketplaces to companies.Fail to act on these notices, and an IRS compliance audit could be on the horizon with...
If you are making money off the sale of investment property you will probably owe capital gains. The adjusted basis on the property will be very important – remember to add capital improvements which minimize the amount of gain you realized.On the other hand, if...
If you're providing services in the sharing economy, you are probably very focused on the money-making opportunities. This is true whether you're renting out your house, driving for Lyft or Uber, or providing some other on-demand service arranged over an online...
