Robert W. Wood is a tax lawyer (www.WoodLLP.com) who handles tax disputes, writes tax opinions, advises on crypto, disclosures and more. He is best known for advising plaintiffs on the tax treatment of lawsuit settlements and legal fees, serves as an expert witness, and writes
Trump Signs Crypto Reporting Repeal But Thorny Tax Issues Remain
The new law repeals regulations introduced by President Joe Biden to require DeFi brokers to report cryptocurrency sales to the IRS using a new variety of IRS Form 1099.
Most Lawsuit Settlements Are Taxed By IRS, But Some Are Capital Gain
Ordinary income is taxed up to 37%, while capital gain ranges from 0% to 23.8%. Apart from lower tax rates, capital gain can involve recouping your basis without tax.
Cancelled Debts Trigger IRS Taxes, Unless You Qualify For Exceptions
Cancelled and forgiven debts trigger income and can be a tax trap. Fortunately, there are exceptions that may keep you from having to write a check to the IRS.
IRS Releases—And Debunks—Five Tax Myths About Getting Your Tax Refund
IRS says to check the status of your refund on Where’s My Refund?, the IRS2Go app, or via your Online Account. The IRS debunks myths about other ways of getting updates.
Before Filing Taxes, It Pays To Double-Check All Your IRS Forms 1099
The key to Forms 1099 is the IRS' computerized matching. The IRS matches each 1099 with your tax return based on your Social Security Number. Don't fail to report one.