by Matthew | Aug 6, 2014 | Tax Blog
If the IRS believes you operate a hobby and not a for profit business, you could owe a lot in taxes, penalties, and interest. Failing to understand the hobby loss rules can potentially be a very costly mistake. If you have a job and make money from a hobby, you are...
by Matthew | Jul 22, 2014 | Tax Blog
If you are contemplating selling your home, then you need to know how the Internal Revenue Service (the “IRS”) will classify the tax on sale of home. For most folks, their personal residence is the most valuable capital asset they own. Without the...
by Matthew | Jul 3, 2014 | Tax Blog
Porter Law Office, LLC has experience assisting taxpayers through the IRS Collection Process. Throughout the collection process, and as part of its standard function, the Internal Revenue Service (“IRS”) sends taxpayers many different letters and notices....
by Matthew | Jun 20, 2014 | Tax Blog
The Internal Revenue Service announced on June 18, 2014 significant modifications to the Offshore Voluntary Disclosure Program (OVDP) effective on July 1, 2014. The new modified 2014 OVDP FAQs are now available on the IRS’s website. The underlying theme in all...
by Matthew | Jun 3, 2014 | Tax Blog
Now that casinos are up and running across Ohio, you may have spent a weekend evening at one of the casinos. You may have even hit a jackpot. Did you know that there is a tax on gambling winnings? Even if you do not receive a Form W-2G, you must report tax on gambling...
by Matthew | Jun 2, 2014 | Tax Blog
Porter Law Office, LLC frequently informs its clients of IRS updates that may affect how their tax debt will be settled. In Rev. Rul. 2014-14, the IRS set the interest rate for overpayments and underpayments of tax. The revenue ruling may be found HERE. The IRS...
