Robert W. Wood
Forbes
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Past articles by Robert:
To Leave California Over Taxes, Avoid These 10 Costly Mistakes
If you are in California for more than nine months, you are a resident, and more than six months usually does too. California often audits those who leave. → Read More
Oscars ‘Free’ Gifts Draw $46k Tax Bill From IRS + $16k From California
The faux gold statue isn’t taxed as income, but all those pricey luxury goods advertisers hand out to stars, they are taxable income. And the gifts are expensive, $126,000 worth this year. At the 37% IRS tax rate, that’s $46,620. Most stars will have to pay California’s 13.3% tax too, another $16k. → Read More
When IRS Forms 1099 Are Wrong Or Missing
IRS Form 1099-NEC tips off the IRS to collect self-employment taxes, in addition to income tax. In fact, you’re almost guaranteed a tax notice if you fail to report a Form 1099. → Read More
IRS Extends April 18 Tax Deadline To May 15 For California Storm Victims
California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. → Read More
Aaron Judge Record Homer Baseball Sells For $1.5M, IRS Collects
Do taxes apply? You bet, the IRS gets a piece of just about everything. Some people say that tax is due when you catch it. But it’s certainly taxable when you sell it for cash. after turning down $3M, the auction price was half that. → Read More
Tax Wise, Should You Get Paid In 2022 Or 2023?
"Pay me next year" requests are common with employers, suppliers, vendors, customers, and more. You probably assume you can't be taxed until you receive money. But technically, if you have a legal right to payment but decide not to receive it, the IRS can tax you nonetheless. → Read More
Seven Reasons To Get A Tax Opinion Before You File With IRS
A good tax opinion discusses the facts, legal arguments, and tax authorities. They do more than just protect you from IRS penalties. In an audit, they are invaluable for quickly writing letters and briefs to defend your tax position. → Read More
$2.04 Billion Powerball Winner Takes Home $628 Million After Taxes
The cash win is $997.6 million, but only 24% is withheld and sent to the IRS. But since tax rates go up to 37%, you owe another 13%—a whopping $129.7 million on April 15. That's a big check to write. And don't forget state taxes, depending where you live. → Read More
How IRS Taxes Employment Settlements
Employment disputes are emotional and difficult. Be specific about taxes so there is no dispute later. You don’t want to have a fight later about how much is subject to withholding, about exactly what tax forms are going to be issued. → Read More
Aaron Judge’s 62nd Home Run Ball Could Be Worth A Lot For The Lucky Fan And The IRS
Taxes and baseball don’t seem to go together, but America’s sport sometimes meets America’s great leveler, the income tax and the IRS. → Read More
IRS Extends Tax Deadlines To February 15 For Hurricane Ian Victims In Florida
Hurricane Ian victims throughout Florida now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. → Read More
IRS Extends Tax Deadlines For Alaska Storm And Flood Victims
The IRS has announced that Alaska storm and flood victims qualify for tax relief. The key Oct. 17 deadline and various other dates are extended to Feb. 15, 2023 for qualifying taxpayers. → Read More
Tax Collections Are Up 23% As Inflation, Wages And Profits Rise
The Inflation Reduction Act pumps up to $80 billion into the IRS, with $45.6 billion for enforcement. But a new study by the Tax Foundation suggests that inflation has already increased tax collections up to 23% compared to last year. → Read More
IRS Extends Tax Deadlines To 2/15/23 For Hurricane Victims In Puerto Rico
Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. → Read More
Plaintiffs In Sexual Harassment Cases Are Taxed, Defendants Are Not
Plaintiffs usually must pay taxes, but defendants can usually deduct legal settlements and legal fees. Even punitive damages are tax deductible for businesses. Yet confidential settlements in sexual harassment cases are not deductible. Even so, defendants may try to plan around this rule. → Read More
Amid Trump Passport Flap, Here’s How To Keep IRS From Taking Yours
Criminal defendants commonly have to surrender their passports as part of bail or other types of agreements, but Americans who owe the IRS more than $55,000 in back taxes can also have passport problems. → Read More
IRS To Add 87,000 New Agents, More Crypto Tax Enforcement
The Inflation Reduction Act sends more than $45 billion to the IRS for "enforcement." The law says they’ll be specifically pursuing “digital asset monitoring and compliance activities,” apart from more general tax enforcement. The crypto tax hunt is on. → Read More
Winner Of $1.28 Billion Lottery Gets $433.7 Million After Tax
The $1.28 billion is only if you take it over time. If you want it all now, you get $747.2 million. Then, with IRS and state taxes, you get less still, a take home of about $433.7 million. That’s huge, but it’s a far cry from being a billionaire. → Read More
Win $1 Billion Mega Millions Jackpot, Pay Extra 13% Tax, Beware Claims
Lottery winnings are taxed, with the IRS taking taxes of up to 37%. Curiously, though, only 24% is withheld and sent directly to the IRS. That means you have to come up with an extra 13% on your own. If your state taxes lottery winnings, you have to add state taxes too. → Read More
If Musk Settles With Twitter, Taxes Play A Part
Musk likes to talk taxes, from how much he should pay on selling Tesla stock, to high California taxes and why moving himself and Tesla to Texas just made sense. But do taxes figure into the hubbub over his on again off again bid for Twitter? → Read More