IRS News and Disputes

In this video, we learn that wealthy and ultra-rich individuals can deduct hobbies and whimsical pastimes under the corporate umbrella, balancing off profits from other assets in their portfolio when doing taxes. Tax records show that these lost producers go beyond classic hobbies like sports and music and can encompass industries and businesses such as real estate development, biotech companies, building Titanic 2, setting up eccentric museums, and launching a car into space. The wealthy can group multiple hobbies into a holding company to avoid the legal requirements of being considered a business while still showing a noticeable sign of profit or plan within three to five years for the IRS to deem it a genuine business. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

In this video, we learn that wealthy and ultra-rich individuals can deduct hobbies and whimsical pastimes under the corporate umbrella, balancing off profits from other assets in their portfolio when doing taxes. Tax records show that these lost producers go beyond classic hobbies like sports and music and can encompass industries and businesses such as real estate development, biotech companies, building Titanic 2, setting up eccentric museums, and launching a car into space. The wealthy can group multiple hobbies into a holding company to avoid the legal requirements of being considered a business while still showing a noticeable sign of profit or plan within three to five years for the IRS to deem it a genuine business. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

In this video, we learn that wealthy and ultra-rich individuals can deduct hobbies and whimsical pastimes under the corporate umbrella, balancing off profits from other assets in their portfolio when doing taxes. Tax records show that these lost producers go beyond classic hobbies like sports and music and can encompass industries and businesses such as real estate development, biotech companies, building Titanic 2, setting up eccentric museums, and launching a car into space. The wealthy can group multiple hobbies into a holding company to avoid the legal requirements of being considered a business while still showing a noticeable sign of profit or plan within three to five years for the IRS to deem it a genuine business. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video explains that over $160 billion in annual tax revenue is lost because ultra-wealthy individuals and corporations avoid short-term capital gains taxes. To avoid these taxes, ultra-high net worth individuals (UHNWIs) with at least $30 million invested for the long-term offset gains with capital losses. The tax system in the US encourages long-term investments by offering lower tax rates for long-term capital gains. UHNWIs use day trading using the Mark to Market method, tax loss harvesting, 1031 exchange, charity, buying and holding small business stocks, and hoarding to avoid short-term gains. By using these methods and holding assets for a year or longer, UHNWIs significantly reduce their tax liability. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This section shows that ultra-high-net-worth individuals (UHNWIs) with investable assets of at least $30 million have seen their equity investments perform exceptionally well during the pandemic. Most UHNWIs derive their wealth from owning and leveraging business interests and, as capitalists, are not subject to income tax unless they sell one of their assets. They can avoid taxation on income by borrowing against their stock portfolios and interests rather than selling their stocks which would generate revenue. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon.com How Wealthy Billionaires Avoid Income Taxes! Learn the truth about Wealth Hoarding.

This video explains that over $160 billion in annual tax revenue is lost because ultra-wealthy individuals and corporations avoid short-term capital gains taxes. To avoid these taxes, ultra-high net worth individuals (UHNWIs) with at least $30 million invested for the long-term offset gains with capital losses. The tax system in the US encourages long-term investments by offering lower tax rates for long-term capital gains. UHNWIs use day trading using the Mark to Market method, tax loss harvesting, 1031 exchange, charity, buying and holding small business stocks, and hoarding to avoid short-term gains. By using these methods and holding assets for a year or longer, UHNWIs significantly reduce their tax liability. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video explains that over $160 billion in annual tax revenue is lost because ultra-wealthy individuals and corporations avoid short-term capital gains taxes. To avoid these taxes, ultra-high net worth individuals (UHNWIs) with at least $30 million invested for the long-term offset gains with capital losses. The tax system in the US encourages long-term investments by offering lower tax rates for long-term capital gains. UHNWIs use day trading using the Mark to Market method, tax loss harvesting, 1031 exchange, charity, buying and holding small business stocks, and hoarding to avoid short-term gains. By using these methods and holding assets for a year or longer, UHNWIs significantly reduce their tax liability. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video explains that over $160 billion in annual tax revenue is lost because ultra-wealthy individuals and corporations avoid short-term capital gains taxes. To avoid these taxes, ultra-high net worth individuals (UHNWIs) with at least $30 million invested for the long-term offset gains with capital losses. The tax system in the US encourages long-term investments by offering lower tax rates for long-term capital gains. UHNWIs use day trading using the Mark to Market method, tax loss harvesting, 1031 exchange, charity, buying and holding small business stocks, and hoarding to avoid short-term gains. By using these methods and holding assets for a year or longer, UHNWIs significantly reduce their tax liability. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video explains that over $160 billion in annual tax revenue is lost because ultra-wealthy individuals and corporations avoid short-term capital gains taxes. To avoid these taxes, ultra-high net worth individuals (UHNWIs) with at least $30 million invested for the long-term offset gains with capital losses. The tax system in the US encourages long-term investments by offering lower tax rates for long-term capital gains. UHNWIs use day trading using the Mark to Market method, tax loss harvesting, 1031 exchange, charity, buying and holding small business stocks, and hoarding to avoid short-term gains. By using these methods and holding assets for a year or longer, UHNWIs significantly reduce their tax liability. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This section shows that ultra-high-net-worth individuals (UHNWIs) with investable assets of at least $30 million have seen their equity investments perform exceptionally well during the pandemic. Most UHNWIs derive their wealth from owning and leveraging business interests and, as capitalists, are not subject to income tax unless they sell one of their assets. They can avoid taxation on income by borrowing against their stock portfolios and interests rather than selling their stocks which would generate revenue. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon.com How Wealthy Billionaires Avoid Income Taxes! Learn the truth about Wealth Hoarding.

This video features a Reddit post by u/jkjk1919, who shares their experience of waiting for their taxes to be processed since January. The post reveals the presence of codes 570 and 971 on their account. Another Reddit user, u/RasputinsAssassins, suggests filing before the official open date or in the same week could delay refunds by 30-40%. The episode advises seeking help from an elected official by visiting house.gov to find and contact one's representative. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This section shows that ultra-high-net-worth individuals (UHNWIs) with investable assets of at least $30 million have seen their equity investments perform exceptionally well during the pandemic. Most UHNWIs derive their wealth from owning and leveraging business interests and, as capitalists, are not subject to income tax unless they sell one of their assets. They can avoid taxation on income by borrowing against their stock portfolios and interests rather than selling their stocks which would generate revenue. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon.com How Wealthy Billionaires Avoid Income Taxes! Learn the truth about Wealth Hoarding.

The video provides helpful tips for taxpayers who owe taxes and need extra time to pay. It advises against falling for scammers and suggests confirming eligibility for the Compromise Pre-Qualifier tool on the IRS website. If not eligible, individuals can apply for an extension using Form 1127 to demonstrate undue hardship if payment is made on the due date. The video encourages taxpayers to handle their payments themselves and provides relevant links for assistance. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon https://irs.treasury.gov/oic_pre_qualifier/ https://www.irs.gov/pub/irs-pdf/f1127.pdf

The video provides helpful tips for taxpayers who owe taxes and need extra time to pay. It advises against falling for scammers and suggests confirming eligibility for the Compromise Pre-Qualifier tool on the IRS website. If not eligible, individuals can apply for an extension using Form 1127 to demonstrate undue hardship if payment is made on the due date. The video encourages taxpayers to handle their payments themselves and provides relevant links for assistance. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon https://irs.treasury.gov/oic_pre_qualifier/ https://www.irs.gov/pub/irs-pdf/f1127.pdf

The video provides helpful tips for taxpayers who owe taxes and need extra time to pay. It advises against falling for scammers and suggests confirming eligibility for the Compromise Pre-Qualifier tool on the IRS website. If not eligible, individuals can apply for an extension using Form 1127 to demonstrate undue hardship if payment is made on the due date. The video encourages taxpayers to handle their payments themselves and provides relevant links for assistance. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon https://irs.treasury.gov/oic_pre_qualifier/ https://www.irs.gov/pub/irs-pdf/f1127.pdf

The IRS requires individuals and third parties to report foreign assets, accounts, entities, and digital assets. Malta, which imposes a corporate tax rate of 35% for local companies and zero to six percent for outside entities, is identified as a tax haven. Unusual tax benefits have also drawn the attention of the IRS to Maltese pensions, such as a case involving a 49-year-old US resident who avoided taxes on large withdrawals of excess funds by contributing highly appreciated assets to a Maltese pension and making lump sum payments after turning 50. Other offshore tax havens to watch include Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Ireland, the Isle of Man, Luxembourg, Mauritius, Monaco, the Netherlands, Singapore, and Switzerland. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video features a Reddit post by u/jkjk1919, who shares their experience of waiting for their taxes to be processed since January. The post reveals the presence of codes 570 and 971 on their account. Another Reddit user, u/RasputinsAssassins, suggests filing before the official open date or in the same week could delay refunds by 30-40%. The episode advises seeking help from an elected official by visiting house.gov to find and contact one's representative. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

The IRS requires individuals and third parties to report foreign assets, accounts, entities, and digital assets. Malta, which imposes a corporate tax rate of 35% for local companies and zero to six percent for outside entities, is identified as a tax haven. Unusual tax benefits have also drawn the attention of the IRS to Maltese pensions, such as a case involving a 49-year-old US resident who avoided taxes on large withdrawals of excess funds by contributing highly appreciated assets to a Maltese pension and making lump sum payments after turning 50. Other offshore tax havens to watch include Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Ireland, the Isle of Man, Luxembourg, Mauritius, Monaco, the Netherlands, Singapore, and Switzerland. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

This video demonstrates that unscrupulous promoters lure US persons into putting their assets in offshore accounts and structures sold as being out of reach of the IRS. One such tax shelter is the captive insurance company, typically based offshore, where a tax-dodging business owner gets an inflated policy at an unethical captive insurance company and takes a huge deduction for that insurance expense. The insurance company then segregates the premiums earned from each client and attributes them solely to the business owner's policy, allowing premiums to build up in the business owner's account for years. The premiums are then kicked-back to the business owner as stock options or other kickbacks. A supplemental industry-based risk policy with high self-insurance retention amounts is added to evade the requirement for risk distribution. Puerto Rico segregated asset companies also suffer similar effects of this abusive captive Insurance scheme. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon

Taxpayers must be cautious of promoters pushing bogus tax schemes to avoid taxes, like abusive land deals involving syndicated conservation easements. Scammers misuse syndicated conservation easements by misusing a charitable tax break to encourage land preservation, which is grossly different from standard conservation easements. They inflate the purchase price, sell stakes for charitable deductions, and usually reap millions in fees. Congress recently amended Section 170 to curb certain abusive conservation easement transactions, and the IRS is committed to ensuring compliance with the conservation easement deduction law as amended in the 2023 legislation. Taxpayers are advised to avoid these transactions to limit exposure to an IRS examination. Thanks for watching! Please Like, Comment, or Subscribe for more videos! This is a Clip from the Vlog "r/IRS Questions," which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon. www.reddit.com/r/IRS www.JohnRDundon https://www.irs.gov/pub/irs-drop/rr-03-28.pdf