Polymarket Shares The Internal Revenue Code has never been kind to gamblers. After passage of the One Big Beautiful Bill (OBBB), the Internal Revenue Code’s treatment of gamblers has become even harsh. Gamblers can now only take a deduction of 90% of “wagering losses” which means many gamblers may end up paying income tax on
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TTB Federal Alcohol and Tobacco Excise Tax Audits
Excise Tax Audits When people think of taxes and tax audits, and federal taxes and tax audits in particular, they usually think of the IRS and income taxes. While the IRS is certainly a massive agency that touches the lives of virtually every American, it is not the only federal tax agency. The Alcohol and
Ronson J. Shamoun: A Professor, Tax Law Leader, and San Diego Community Advocate
A Professor, Tax Law Leader, and San Diego Community Advocate Ronson J. Shamoun serves as an adjunct professor at the University of San Diego School of Law and the University of San Diego School of Business, where he teaches courses such as Tax Practice and Penalties and Federal Tax Procedures and Policies. Drawing from more
Adversary Proceedings in Bankruptcy
Adversary Proceedings in Bankruptcy When you think of bankruptcy, you probably imagine a straightforward process of listing debts, having them wiped away (discharged), and moving on. However, sometimes a fight breaks out within the bankruptcy case. When that fight involves specific, high-stakes disputes like accusations of fraud or trying to recover hidden assets, the court
What Nonprofit Boards Need to Know About Officer Compensation
Nonprofit Officer Compensation Nonprofit organizations exempt from tax under Section 501(c)(3) and (4) of the Internal Revenue Code are permitted to pay compensation to their officers and executives. However, unlike for-profit businesses, nonprofit compensation is subject to legal scrutiny. So, what do nonprofit boards need to know about officer compensation? The law requires officer compensation
Beyond Borders: Building Real Estate Wealth Internationally While Navigating U.S. Tax Rules
Building Real Estate Wealth Internationally Investing in international real estate is an increasingly popular strategy for diversifying your portfolio, building long-term wealth, and tapping into emerging global markets. From luxury vacation homes to income-generating rental properties, opportunities abound. However, with these opportunities come complex U.S. tax obligations that cannot be ignored. Missteps in compliance can
Do Influencers Pay Taxes? An Informational Guide to the Taxing of Content Creators
Do Influencers Pay Taxes? Are you an influencer or content creator wondering about taxes? This blog discusses do influencers pay taxes, how influencer’s income is taxed, what deductions influencers may take, and how to avoid common mistakes which may result in penalties. Introduction Whether you are on Instagram, TikTok, YouTube, or a podcast platform, chances
California FTB Top Past Due 500 Tax List – What to Do Now?
FTB Top Past Due 500 Tax List The California Franchise Tax Board (FTB) issues notices to the top 500 delinquent individual and business tax payers in the state warning those taxpayers they could be published on the FTB’ s Top Past Due 500 List or FTB 500 List. Taxpayers who find themselves on the FTB
CAN CALIFORNIA SALES TAX DEBT BE DISCHARGED IN BANKRUPTCY?
California Sales Tax Debt California sales tax debt can be discharged in bankruptcy if specific federal and state requirements, generally involving the age of the tax debt and proper filing procedures, are properly met. Unlike some states where sales tax is considered a non-dischargeable “trust fund” tax, California treats it as a tax on gross receipts, which
Understanding Unrelated Business Taxable Income (UBTI): What 501(c) Organizations Should Know
Understanding Unrelated Business Taxable Income For most 501(c) organizations, tax‐exempt status is central to their ability to operate effectively and focus resources on their mission. However, having a tax-exempt status does not mean every dollar an organization earns is automatically free from taxation. One of the most important — and often overlooked — concepts in