Robert W. Wood

As taxpayers and tax return preparers started turning to 2022 tax preparation this time of year, those rebate checks became controversial.

Most plaintiffs use contingent fee lawyers, and many assume they are tax issues only for the net money they collect after legal fees.

The Form W-9 certifies that the recipient is a U.S. citizen or tax resident and therefore is not subject to the onerous reporting and withholding obligations often required for payments to non-U.S. persons.

With the IRS getting nearly $80 billion in new funding — about $45 billion of which is specifically designated for "enforcement" — you can expect more audits.

Keeping business and personal affairs separate is smart if you want to steer clear of the IRS.

The size of penalties varies, but they are often around 25% of the tax.

IRS audits of crypto are increasing, and the IRS is inquisitive, learning and probing.

These proposals have not yet become law, but here’s what is in store for you if the Biden administration’s raft of ambitious tax hikes becomes law the way the administration hopes.

If you don't receive a Form 1099 you expect, consider not asking for it.

Under one Biden proposal, the 23.8% rate may go to 43.4% in some cases, an 82% increase in the old rate.

The best way to avoid penalties is to file on time, pay on time, and don’t make mistakes.

Filing Form 4868 gives taxpayers until Oct. 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due.

The IRS can tax you under the doctrine of constructive receipt.

Disclosure is more than the usual listing of income or expenses. It is simply a type of extra explanation.

The IRS lists some FedEx services as qualifying, but the dispensaries used a FedEx service not on the IRS’s list at the time.

Tax forms like K-1s from partnerships and LLCs have an annoying habit of showing up late, and they are often amended.

Losses that are carried back are carried to the earliest of the tax years to which the loss may be carried first.

Not everyone is eligible and in some cases filing a tax return is required.

The IRS says that if the statutory period is not set to expire during 2020, the IRS is unlikely to pursue the foregoing actions until at least July 15, 2020.

All taxpayers and businesses have this additional time to file and make payments without interest or penalties.

Any Form 1099 sent to you goes to the IRS too.

The IRS says part of the reason it is making these visits and publicizing them is to make all the rest of the American taxpayers who are playing by the rules and paying their taxes feel better about the process.

Tax savvy people may recognize it as similar to the foreign account question included on the Schedule B. The question could set you up for big penalties or even committing perjury for checking the wrong box as the  IRS intensifies its hunt for crypto tax cheats.

With over half our returns being prepared by someone else, it is no wonder that many taxpayers may feel tempted not even to look at their tax returns. That would be a big mistake.

As all the forms descend this time of year, there are key things to know.

Merely invoking the Fifth in a tax case can invite penalties or get the IRS looking more harshly at you.

If you have a legal right to payment but decide not to receive it, the IRS can still tax you now, even if you are actually paid next year.

If you have a corporation—one that you formed or inherited—should it be an S or a C corporation?

How fire victims are taxed can be pretty surprising.