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Penalties

Can Strippers Deduct Breast Implants?

Julian Block | Posted 02.01.2016 | Business
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Why Home Seller Who Suffers a Loss Won't Get a Tax Break

Julian Block | Posted 01.29.2016 | Business
Julian Block

What if your employer reimburses you for the loss? No offset of an otherwise nondeductible loss against the reimbursement, because they're separate transactions. The loss stays nondeductible. Nor is it permissible to include the reimbursement as part of the selling price and avail yourself of the exclusion.

Bad Debt Deductions for Worthless Loans to Spouses

Julian Block | Posted 01.27.2016 | Business
Julian Block

These being the times they are, you may be tapped for loans by relatives or friends who are unable to come up with the down payment for a home or who ...

A Dilemma for Stock Market Investors: Sell or Sweat

Julian Block | Posted 01.26.2016 | Business
Julian Block

The rules for capital gains are tricky. Let's start with the basics.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 01.05.2016 | Money
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties? But the law imposes several restrictions.

Deduct Business Suits? Forget It

Julian Block | Posted 12.28.2015 | Business
Julian Block

Paying the shirt off your back at tax time? Don't count on a deduction for what you wear to work from what you make at work.

How to Take a Tax Deduction for Protecting Your Good Name

Julian Block | Posted 12.17.2015 | Business
Julian Block

And when it comes to your reputation, the line between business and personal is thin indeed. What controls the outcome are the particular circumstances.

Why This Cold War Tale of Tax Fraud Was Never Solved

Julian Block | Posted 12.15.2015 | Business
Julian Block

Recent revelations that the FBI and CIA used at least 1,000 ex-Nazis as spies after World War II, in Europe and the United States, made me think about...

Here's How to Steer Clear of the Mutual Fund Tax Trap

Julian Block | Posted 12.11.2015 | Business
Julian Block

Plan ahead before you buy some shares in a stock mutual fund near year end, when the fund is about to pay a dividend.

Why You Should Donate Appreciated Assets to Your Favorite Charities

Julian Block | Posted 12.10.2015 | Business
Julian Block

When we contribute to our favorite causes, most of us go the easiest, most familiar route and simply write checks or use credit cards. We receive inco...

A Few Year-End Reminders for Dependency Exemptions

Julian Block | Posted 12.08.2015 | Business
Julian Block

Do you support one or both of your parents? Now is the time to nail down dependency exemptions for them. For 2015, you can claim an exemption of $4,0...

Tax-timing a Marriage or Divorce

Julian Block | Posted 12.07.2015 | Divorce
Julian Block

As part of your tax planning, you need to consider an expected change in your filing statue for this year or next.

Fees for Divorce Mediators and Matrimonial Attorneys: What's Deductible

Julian Block | Posted 12.04.2015 | Divorce
Julian Block

The IRS generally says "no" to tax deductions that might ease the pain of divorce. The agency has no sympathy for payments to mediators or litigators and other costs associated with a divorce. It characterizes those outlays as nondeductible personal expenses.

The Stealing of America By the Cops, the Courts, the Corporations and Congress

John W. Whitehead | Posted 10.14.2014 | Politics
John W. Whitehead

For those with any accounting ability, it's clear that the total sum of the expenses being charged to the American taxpayer's account by the government add up to only one thing: the loss of our freedoms.

The Paper Tiger Gets Teeth: Developments in Chinese Environmental Law

Erin Ryan | Posted 06.30.2014 | Green
Erin Ryan

The move follows a series of internationally reported environmental horror stories from China over the past year, including epic levels of urban air pollution and tens of thousands of pig carcasses decaying in the local water supply.

When Is Enforcement Effective?

Brigham A. McCown | Posted 04.09.2014 | Business
Brigham A. McCown

On a January day when freezing temperatures outside did nothing to cool the heated rhetoric of Congress, a group of former regulators gathered on Capi...

Catastrophic Aggression From Fossil Fuel Producers

Carol Pierson Holding | Posted 02.03.2014 | Green
Carol Pierson Holding

It's hard to see the UN gaining any traction around proposed financial consequences for countries. But there are consequences for investor-owned companies. We know who those companies are, and now we know how much each is to blame.

Shooting Costa Rica: Penalties And A Draw

Jeroen Swolfs | Posted 01.16.2012 | Travel
Jeroen Swolfs

During my last four days in San José it was constantly raining, but today suddenly there was a little sun out so I took my camera and ran out to see what was happening.

Making a Household Inventory List Can Save Time and Money

Julian Block | Posted 07.31.2011 | Business
Julian Block

Did you know that the tax code allows you to claim tax deductions for household damage caused by thefts, vandalism, fires, floods, hurricanes and others kinds of casualties?

Travel Deductions for Gamblers

Julian Block | Posted 06.04.2011 | Business
Julian Block

The tax rules for gamblers can be summed up simply: "Heads, the IRS wins; tails, gamblers lose." The faux-friendly feds routinely nail gamblers for taxes on their winnings.

Filing-Time Fantasies

Julian Block | Posted 05.25.2011 | Business
Julian Block

Most myths are fairly short lived. Some, though, just refuse to die. Take, for example, the one that makes the rounds every filing season about how to lessen the likelihood of an audit.

Extra Time to File Form 1040

Julian Block | Posted 05.25.2011 | Business
Julian Block

For most people, this year's deadline for filing Form 1040 is Monday, April 18. Miss the deadline and you could get slapped with a substantial, nondeductible penalty.

Health Insurance Companies Want Severe Penalites For People Who Do Not Buy Coverage

The Associated Press | By ERICA WERNER | Posted 05.25.2011 | Politics

WASHINGTON (AP)-- The health insurance industry doesn't want Congress to let you off easy if you decide to ignore a proposed requirement that all Amer...

Banks Earn $27 Billion On Debit Card Overdraft Fees

The New York Times | RON LIEBER and ANDREW MARTIN | Posted 05.25.2011 | Business

The Federal Reserve is considering requiring banks to get permission from consumers before enrolling them in overdraft programs, so that consumers lik...