Robert W. Wood

Settlement agreement wording is important and can help avoid tax trouble. It does not bind the IRS, but helpful tax language in a settlement agreement can resolve audits.

Billionaire supporter Mark Cuban criticized the wealth tax as an economy killer and says Harris no longer supports it. Others say Harris' wealth tax is not off the table.

Harris tax hikes would hurt top earners, particularly in high-tax states. All eyes are on the election, but it’s hard to talk taxes without addressing state taxes too.

Three fans are locked in a court fight over who is the owner of Ohtani's record 50-50 baseball. The ball may be auctioned, and taxes are due on the winnings.

At the farmers' market, cash transactions used to be the norm and is still common. But these days, many farmers seem to accept Apple pay, credit and debit cards, etc.

How does the IRS determine if a purported gift is really a transfer for value, rather than being purely motivated by charity? It isn’t always easy.

If the Biden plan passes, there are 11 states where Americans subject to the new rules will face combined capital gain taxes of more than 50%.

Since 2018, the tax law says that businesses and individuals can no longer write off confidential legal settlements for sexual harassment or sex abuse.

Does the yes or no question really matter? A simple yes or no can turn out to be important, as we saw with IRS penalties and DOJ prosecutions over foreign accounts.

If you borrow $10,000, is it taxable income? No, since you have to pay it back, it does not count as income—if it’s a real loan. But IRS audits what is a ‘loan.’