What’s in a Name?
I recently had a client ask me a few questions regarding her recent marriage. She had gotten married during the second half of the year and her new, married name was on the official marriage certificate. However, she did not have the time to change her name elsewhere (Social Security Office, bank accounts, credit cards, […]
Unemployed During 2020? You May Owe Taxes
Being unemployed puts every taxpayer in a stressful position. Between trying to make ends meet and searching for a new job, the last thing many people are thinking about is their tax situation. However, if you received unemployment compensation during the year, you will receive Form 1099-G and any income shown must be reported as […]
Baseball, Taxes and the $200 Million Dollar Man
Max Scherzer recently signed an unprecedented contract with the Washington Nationals in which he will be paid $210 million over 14 years. Multiple teams were vying for one of the league’s top pitchers, but the Nationals were the ones who were eventually able to woo him. There were probably multiple reasons (roughly 210 million if I […]
Avoidable Tax Mistakes
It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]
Proposed Regulation Could Change Poker in Nevada (Update)
Good news for poker players in Nevada! Today, AG Burnett, the Chairman of the Nevada Gaming Control Board, commented on SB 40 that was mentioned earlier this week. He said that the bill is strictly aimed at curbing third-party betting regarding to sports and racebook activity, not poker. This is a sigh of relief for the […]
New Jersey: Death and (Gas) Taxes
I was born and raised in New Jersey and it is where I opened my first practice. I still have an office in New Jersey, so any time a local story turns up that could affect my New Jersey clients, I try to give my thoughts on the matter. New Jersey, from a tax perspective, has […]
Proposed Regulation Could Change Poker in Nevada
If you walk through the halls of the Rio during the World Series of Poker, or through any poker room for that matter, you will quickly discern that many players are involved in a staking arrangement of some kind. Whether backed or swapping action, players have realized that it is less risky to parcel out […]
You Can’t Do That!
In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.
MLB Player Settles Bill with IRS (Update)
A few weeks ago I mentioned former MLB player Darryl Strawberry’s ongoing issue with the IRS. In short, he owed the IRS, so the IRS announced it would auction off the rights to his deferred compensation. The auction began at $550,000 and concluded yesterday. The highest bid? $1.3 million. This equates to the full value of the annuity […]
Department of Revenue May Have a “Ruff” Time in Court
The Indiana Department of Revenue is being sued for compensatory damages regarding a 2009 tax case. The case, Garwood v. Indiana, revolves around a $125,000 tax liability, including interest, owed by the taxpayer. The taxpayer was in the business of breeding and selling dogs and did not properly remit sales tax during the period in question. Since […]
