100+ Years of Combined Tax Resolution Experience.
The 2012 Olympics, held in London, once again united the country in support of our athletes. And as usual, they didn’t let us down—winning over 250 medals and providing hours of entertainment at the same time.
But naturally, where most of us saw encouraging storylines and inspiring feats of athleticism… the IRS saw dollar signs.
As the USA Today explains, US medalists can expect to receive a hefty bill from the IRS:
With the Summer Olympics now over, 127 Americans won a total of 256 medals. These athletes deserve to be celebrated when they return home, but there’s another thing waiting for them that dampens the Olympic spirit: a tax bill.
Currently, Olympians who win medals also receive honorariums from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze — all taxable by the IRS.
To address this, Rep. Aaron Schock, R-Ill., and I recently introduced the Olympic Tax Elimination Act to exempt U.S. Olympic medal winners from paying taxes on their hard-earned medals.
Our tax code is riddled with provisions that punish success. Athletes volunteering their time to represent our nation in the Olympics every four years shouldn’t worry about an extra tax bill waiting for them back home.
Whether or not you agree with the author that US Olympic medalists should be exempt from paying taxes, this controversy highlights an important truth: the IRS is nothing if not thorough. They may not move quickly, and their policies may not make much sense to many taxpayers, but you can count on their agents to work relentlessly towards their goal of capturing every bit of revenue that they are owed.
If you’ve ever dealt with an IRS dispute, you know that there is nothing pleasant about the experience. In fact, dealing with the IRS can be one of the most stressful experiences of a taxpayer or business owner’s life. But there’s good news: you don’t have to “go it alone!” At Polston Tax, our team works closely with our clients to resolve their disputes as painlessly as possible. If you’d like to learn more, please get in touch with us today!
The Internal Revenue Service (IRS) is increasing audits on cannabis businesses — the agency is on a mission to ensure that cannabis businesses adhere to the tax code. Unfortunately, cannabis companies must comply with more strict tax laws than other businesses and can claim fewer deductions. Most business owners don’t realize this or aren’t able to meet the reporting responsibilities on their own. If you own a business in...
The world of tax laws is a complex maze, and the IRS statute of limitations is your guide. It tells you how long the IRS has to audit your tax returns and collect any money you might owe. Knowing this timeframe is essential. It’s your protection against the IRS coming after you years down the...
If you and the Internal Revenue Service (IRS) disagree on an outcome or decision involving your tax matter, you can legally appeal their decision. IRS tax appeals allow you to state your case to the IRS appeal division for another evaluation. Whether you need to dispute a tax penalty, assessment or other decision from the...
One of the keys to business success is understanding the tax rules and how they apply to or affect your company. In states where marijuana is legal for medical or recreational use, there are usually special taxes that apply to the sale of the drug. If you’re considering opening a dispensary or own one already,...
The landscape of cannabis taxation is as dynamic as the changing tides of its legal status across various jurisdictions. Entrepreneurs and consumers alike must navigate a complex maze of federal and state tax regulations that often clash or overlap, especially as more states join the roster of cannabis-legal states. Businesses entrenched in the burgeoning industry...
Sales tax can be a daunting topic for any business owner, especially if your organization sells across state lines. Knowing the ins and outs of sales tax law is essential for staying compliant and avoiding fines, and it can help you set up your business to meet the requirements of different states, including sunny Florida....