Is Your Kid’s Online Gaming Currency Taxable?

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: < 1 minute

Well it almost was! In some real “news of the weird” from the IRS, they recently removed a piece of guidance from October 2019 that attempted to tax in game currency like Fortnight Vbucks and Roblox’s Robux. If you don’t know what those are, ask a 12 year old. They are online game currency you…

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Knock! Knock! It’s the IRS!

by Tucker Clagett | Posted in Civil Law & Consumer | Reading Time: 2 minutes

detective

From our friends at Askey, Askey & Associates, CPA’s, we find out that the IRS recently announced they will be sending revenue officers to make unannounced visits to the homes of those with significant ongoing tax compliance issues. What could go wrong! The IRS says this will only happen to those who have failed to…

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Income tax debt? Can bankruptcy help?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

final notice image

Filing for bankruptcy may help you deal with your tax problems. While it is difficult to discharge tax debt, it is not impossible.  If your tax debt is old enough, bankruptcy can help eliminate or reduce how much you have to pay back on your taxes.  However even when the bankruptcy doesn’t discharge the tax…

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Not Getting That Tax Refund You Were Expecting?

by Dave Gormley | Posted in Bankruptcy & Foreclosure | Reading Time: 3 minutes

Some people count on their tax refund to pay for their summer vacation or swimming pool membership. However, many others count on their refund to help them get caught up on their credit cards and other bills.  When you file for bankruptcy you have to count as an asset the tax refund that you are…

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Think Before Adding Children to a Deed

by Dave Gormley | Posted in Civil Law & Consumer | Reading Time: 4 minutes

red house with % sign

We get a LOT of calls from people who want to add their children or another family member to the deed to their house. They have the best intentions – but they may be making a giant financial mistake! You need to seriously consider the tax and financial implications of adding someone to the deed…

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Beware of Free Tax Return Services

by Dave Gormley | Posted in Civil Law & Consumer | Reading Time: 2 minutes

computer with charts on screen

Want to file your taxes online for free? Who wouldn’t want that (assuming your tax situation allows for it)? Credit Karma is the newest kid on the block of free online tax preparation. But a recent Wall Street Journal story pointed out the perils of using Credit Karma. It seems “free” may not really be…

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