Conrad Black gets $71M tax bill from IRS

In 2007, Lord Conrad Black was convicted by an Illinois U.S. District Court for diverting funds from Hollinger International, a newspaper media company, for personal use including corporate jets and a lavish NY apartment. His application for bail was rejected, and now the IRS wants $71 million in back taxes from Lord Black, including $120 million in unreported income from 1998 to 2003. Lord Black describes the IRS allegation as "sloppy and careless" and asked for this to be dismissed because he wasn't a U.S. resident at that time, therefore not required to pay taxes.

Lord Black issued a statement to the courts stating that he was a Canadian resident until 2001. However, the U.S. government says that because the alleged funds were from a U.S. source, his income is subject to U.S. taxes.

Tax Tips for Real Estate Agents and Brokers

Most real estate agents and brokers receive income in the form of commissions from sales transactions. You're generally not considered an employee under federal tax guidelines, but rather a self-employed sole proprietor, even if you're an agent or broker working for a real estate brokerage firm. This self-employed status allows you to deduct many of the expenses you incur in your real estate sales or property management activities. Careful record keeping and knowing your eligible write-offs are key to getting all of the tax deductions you're entitled to.

Read More

Brought to you by TurboTax.com

Key Tax Tips When Filing for Divorce or Separation

Going through the process of divorce or separation is a trying time for any couple. Between dividing up property, legal proceedings and handling child custody, many people can forget the tax implications as well. You can avoid missteps with the IRS —especially if there's a breakdown in communication between spouses — by keeping in mind a few tax tips.

Read More

Brought to you by TurboTax.com

At What Income Does a Minor Have to File an Income Tax Return?

If your kids are young enough to be your dependents, they may have to pay taxes. In some cases, you may be able to include their income on your tax return; in others, they'll have to file their own tax return or you will have to file a separate return on their behalf. Whether this is required depends on both the amount and source of the minor's income.

Read More

Brought to you by TurboTax.com

Business Use of Vehicles

If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles put in use in 2017 can deliver healthy tax savings.

Read More

Brought to you by TurboTax.com
Read Full Story