The IRS frequently disallows deductions for activities it believes are “not engaged in for profit.” “Hobby Losses”, as the IRS calls them, often involve expenses for horse or dog breeding activities, small scale farming, small livestock operations, airplanes, etc. Because these businesses often grow out of hobbies, they tend to be started without adequate business planning and advice. For some, a business plan and other business like activities established at the outset of the business can make the difference between …

What is a Hobby Loss? Read More »

As reported by the Washington Times, Internal Revenue Service Commissioner John Koskinen admitted this week that the agency uses secret cellphone tracking systems, known as cell-site simulators, or StingRays, to collect information about people they are investigating. This finding has sparked an inquiry by two top U.S. senators into the use of these tracking systems. Advances in information collection technology and the ever-changing landscape of legal tax issues in America makes it more important than ever to take the necessary …

IRS Admits to Using Secret Cellphone Tracking Systems Read More »

If you owned stock or other interest in a foreign corporation or business, or real estate located outside the United States at any time during 2014, keep reading to learn how to avoid fines up to $25,000 and possible criminal sanctions. The tax attorneys at Anderson & Jahde recently came across a little-known reporting requirement: those who fall within the above reporting requirements must complete and file Form BE-10 with the Bureau of Economic Analysis (BEA). The due date for …

What is Form BE-10 and Why You Should Care? Read More »

Tax Fraud is a very serious matter that can result in civil and criminal prosecutions, severe penalties, jail time and a felony record. There are, however, different degrees and types of tax fraud and not all tax fraud is criminal. When confronted with potential tax fraud problems it is best to consult with a tax law professional, as opposed to an accountant. The tax lawyers at Anderson & Jahde have extensive tax fraud experience and can help with tax fraud …

What to do when Confronted with Tax Fraud Read More »

If you have legal questions about your taxes, or you have received a notice from the IRS and don’t know where to turn, the experienced tax attorneys at Anderson & Jahde, P.C. are here to help. In our new series of articles, our team of tax lawyers have outlined and debunked some of the most common tax myths and misconceptions, starting with settling tax liabilities and the collection of tax debts.

Taxpayers have critically important legal rights about which the IRS is required to give clear notice to the taxpayer. In some instances, the IRS has started to place the key language required in these notices in less than prominent locations in taxpayer letters, and, in some instances, this important language is in what appears to be mundane routine print such that taxpayers and tax professionals may not see the real significance of the Notice.