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The Tax Survival Arsenal — for When the IRS Comes Knocking, and Before
I doubt if many people associate good dreams with the IRS. Nightmares, maybe, but in any event not the kind of thoughts to take into Z-Land. And not the kind of thoughts to wake up to either. Come to think of it, I don’t believe there is any good time for thoughts like that. I…
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When the IRS Gets Six Years Instead of Three – The Tax Time Bomb You’ve Never Heard Of: §6501(e)(1)(A)(i)
§6501(e)(1)(a)(i)—I first heard of this section of the Internal Revenue Code in one of my initial classes at NYU in the program for an LL.M. in Tax (Masters in Tax Law). The professor who said it had no notes in front of him, no monitor, no nothing. I thought he was making some kind of…
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Can You Still Get a Passport If You Owe Taxes? Understanding IRS Passport Denial and Revocation
If you owe taxes to the IRS, you may wonder whether you can still apply for or renew your passport. The answer isn’t always straightforward – unpaid taxes can have serious consequences, including possibly having your passport denied or revoked. The IRS works closely with the U.S. State Department to enforce tax laws, especially in…
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When Are Extended Taxes Due? Key Deadlines for 2024
As we move into the final quarter of the year, taxpayers who filed for extensions earlier in 2024—and those who didn’t—need to be aware of critical upcoming deadlines. If you didn’t file your taxes by the April deadline or forgot to request an extension, don’t worry—you still have options. This guide covers the key extended…
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A Glimmer of Hope – Hobby Losses until 2026
For retired wealthy taxpayers whose pursuits have led to boat chartering, horse breeding or running a vineyard, there is a glimmer of hope. IRC section 183 allows hobby activity expenses to be deducted but only to the extent of hobby income (assuming it is a not-for-profit activity). Because the Internal Revenue Code does not identify IRC…
