IRS Commissioner Charles “Chuck” Rettig recently testified before Congress that while the official estimate of the “tax gap” is $400 billion, “it would not be outlandish to believe that the actual tax gap could approach and possibly exceed one trillion dollars per year.” The “tax gap” is the difference between how much should be paid
Taxes
Frustrated that savvy rich people will hide from the White House’s newly proposed tax hikes last week and sock it away into Bitcoin? Don’t worry. They can’t. And neither can the rest of us. If you’re selling Bitcoin for dollars, especially on a U.S. exchange, Uncle Sam will find out about it. President Joe Biden
With tax filing season in full swing, many new do-it-yourself investors are dealing with complicated tax issues for the first time. Some are getting caught up in complex IRS policies, like the wash-sale rule, and are now on the hook for hundreds of thousands of dollars. Those who are using new platforms, like Robinhood, are
California legislators have proposed big tax hikes—again, reprising two tax bills introduced in 2020 that failed to pass. With the economy improving and the state hungry for money, perhaps this year will be different. One tax bill would raise the state’s already stratospheric top income tax rate by up to 3.5% for very high incomes.
Cecile Barker has bad news from the Eleventh Circuit. They have upheld the Tax Court’s disallowance of his multi-million dollar net operating loss deduction (NOL) largely generated by SoBe Entertainment LLC. SoBe Entertainment is a record label that has represented numerous artists included Brooke Hogan, daughter of Hulk Hogan. The indirect Hulk Hogan connection makes Mr. Barker