Adam Abrahams - The Legal Tax Junkie
In this podcast, Legal Tax Junkie Adam Abrahams, a licensed attorney with Meyers, Hurvitz, Abrahams, LLC in the Washington DC metro area, talks about the most common tax pitfalls that businesses and individuals have to deal with as well as some of the most complex legal tax issues that can have some dire consequences.
Episodes
February 20, 2022 • 61 mins
Cannabis: An In-depth Conversation with Attorney Mike Rothman
Operating Cannabis for medical or Adult Use of the product sounds fulfilling and lucrative. Beware of the legal, tax, financial and other minefields standing in your way! The issues presented to business owners are daunting enough – now add a layer about Cannabis business operations! In this episode, I discuss such issues with Attorney Mike Rothman, an attorney experience...
Operating Cannabis for medical or Adult Use of the product sounds fulfilling and lucrative. Beware of the legal, tax, financial and other minefields standing in your way! The issues presented to business owners are daunting enough – now add a layer about Cannabis business operations! In this episode, I discuss such issues with Attorney Mike Rothman, an attorney experience...
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March 21, 2022 • 27 mins
In this episode, Adam answers listener questions about Tax Opinion Letters - What is a tax opinion and why might you want one? Surprisingly, many clients and tax advisers have trouble saying exactly just that. Do Tax Opinions Bind the IRS? Are Tax Opinions About Penalty Protection? Should I Get An Opinion if I'm Audited? Do Good Tax Opinions have to be “Strong and Assertive?” Can Assumptions Be About Anything & Do they have to be R...
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April 17, 2022 • 13 mins
Definition of a Closely Held Business
What is a Closely Held Business? You have likely heard the term “Closely Held Business” many times but are not sure what that means! In this episode, I discuss the elements and main concepts of a Closely Held Business, including the advantages and disadvantages associated with such a business.
What is a Closely Held Business? You have likely heard the term “Closely Held Business” many times but are not sure what that means! In this episode, I discuss the elements and main concepts of a Closely Held Business, including the advantages and disadvantages associated with such a business.
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April 22, 2022 • 18 mins
What does a tax attorney do? When should I hire a tax attorney? Is it necessary to hire a tax attorney if you are in trouble with the IRS? Is the CPA the same as a tax attorney? These questions can seem overwhelming for the average taxpayer. In this episode, I clear up the confusion and provide a roadmap for you to use to know when you need to contact Tax Counsel.
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May 14, 2022 • 29 mins
Tax and Divorce.
How does one determine the appropriate tax filing status in the event of a divorce? What are the tax consequences of alimony? Should the parties file a joint return for as long as they are eligible (and what if there is already outstanding tax liability)? How should marital assets be divided? The Legal Tax Junkies shed light on these and hopefully ease the stress during this otherwise difficult time for taxpayers.
How does one determine the appropriate tax filing status in the event of a divorce? What are the tax consequences of alimony? Should the parties file a joint return for as long as they are eligible (and what if there is already outstanding tax liability)? How should marital assets be divided? The Legal Tax Junkies shed light on these and hopefully ease the stress during this otherwise difficult time for taxpayers.
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June 12, 2022 • 40 mins
Can you claim your parents as dependents if you care for them? How are caregivers treated for tax purposes? Are there any particular tax benefits available to the elderly? How are Medicare recipients affected? You may be surprised by what you find out from The Legal Tax Junkies!
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June 22, 2022 • 18 mins
The IRS targets businesses that misclassify employees as independent contractors rather than employees to reduce employer costs and gain a competitive advantage. Businesses also wish to avoid legal liability/taxes such as social security, workers’ compensation, unemployment insurance, payroll, and employment taxes. If an employer-employee relationship exists, the employee's earnings are subject to FICA (Social Security and Medicare...
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June 29, 2022 • 20 mins
FBARs.
Most are unaware that per the Bank Secrecy Act, every year, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Foreign Bank and Financial Accounts report. Failure to navigate this potential tax minefield can result in devastating tax consequences and possible ...
Most are unaware that per the Bank Secrecy Act, every year, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Foreign Bank and Financial Accounts report. Failure to navigate this potential tax minefield can result in devastating tax consequences and possible ...
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July 5, 2022 • 21 mins
Cryptocurrency Pt 1 - Ins and Outs with Tommy Luginbill
There are many different building blocks of digital assets and particularly cryptocurrency. The different terms and features alone blow your mind away, not to mention the processes, virtual currency exchanges, and security issues. The Legal Tax Junkies sort out the chaos for you with the help of cryptocurrency expert Tommy Luginbill.
There are many different building blocks of digital assets and particularly cryptocurrency. The different terms and features alone blow your mind away, not to mention the processes, virtual currency exchanges, and security issues. The Legal Tax Junkies sort out the chaos for you with the help of cryptocurrency expert Tommy Luginbill.
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July 5, 2022 • 36 mins
Cryptocurrency Pt 2 - Tax Issues with Tommy Luginbill
You are not alone if you are confused about the lack of guidance regarding tax issues in virtual currency. The Legal Tax Junkies bring you up to speed on the tax issues in this new world of commerce. Ignoring these tax issues will result in a significant surprise gift from the IRS! Don’t get ambushed! Listen to the Legal Tax Junkies as we help you navigate the daunting crypto tax...
You are not alone if you are confused about the lack of guidance regarding tax issues in virtual currency. The Legal Tax Junkies bring you up to speed on the tax issues in this new world of commerce. Ignoring these tax issues will result in a significant surprise gift from the IRS! Don’t get ambushed! Listen to the Legal Tax Junkies as we help you navigate the daunting crypto tax...
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July 6, 2022 • 19 mins
Cryptocurrency Pt 3 - Investments, Reporting, and Estate Planning
There are many pitfalls regarding investments in virtual currency. It gets worse when one fails to consider the reporting and recordkeeping requirements. It becomes untenable when one fails to incorporate virtual currency holdings as part of the estate plan – all the hard work in acquiring virtual currency assets and the financial gain associated addition to that is w...
There are many pitfalls regarding investments in virtual currency. It gets worse when one fails to consider the reporting and recordkeeping requirements. It becomes untenable when one fails to incorporate virtual currency holdings as part of the estate plan – all the hard work in acquiring virtual currency assets and the financial gain associated addition to that is w...
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July 19, 2022 • 33 mins
Frivolous Tax Arguments
Think you can get away with not paying taxes by arguing that tax assessments are unconstitutional? How about claiming that only states can tax income? How about arguing that only government employees only pay taxes? Write “0” all over your income tax return. You may want to reconsider making these arguments to the IRS. The Legal Tax Junkies will provide a comprehensive (but non-exhaustive) list of frivolous t...
Think you can get away with not paying taxes by arguing that tax assessments are unconstitutional? How about claiming that only states can tax income? How about arguing that only government employees only pay taxes? Write “0” all over your income tax return. You may want to reconsider making these arguments to the IRS. The Legal Tax Junkies will provide a comprehensive (but non-exhaustive) list of frivolous t...
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August 14, 2022 • 13 mins
Section 911 Issues
Do you want to move to the French Riviera, hang out, and do business from your laptop? Be aware of the tax issues of traveling worldwide – at least away from the USA! The Legal Tax Junkies will guide you through the tax minefields of U.S. citizens living overseas – it's more complicated than you think!
Do you want to move to the French Riviera, hang out, and do business from your laptop? Be aware of the tax issues of traveling worldwide – at least away from the USA! The Legal Tax Junkies will guide you through the tax minefields of U.S. citizens living overseas – it's more complicated than you think!
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September 1, 2022 • 32 mins
Tax Penalties/Tax Crimes Part I
The IRS has many weapons at its disposal in determining whether it can assess penalties against a taxpayer. The penalty amounts can be overwhelmingly high and serve as a deterrent to taxpayers who think they do not have to file returns or cannot pay taxes or those who take unreasonable positions regarding their tax liability.
The IRS has many weapons at its disposal in determining whether it can assess penalties against a taxpayer. The penalty amounts can be overwhelmingly high and serve as a deterrent to taxpayers who think they do not have to file returns or cannot pay taxes or those who take unreasonable positions regarding their tax liability.
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September 2, 2022 • 21 mins
Tax Penalties/Tax Crimes Part II
The IRS Criminal Investigations Division and the Department of Justice have many weapons to deploy against those who commit tax crimes, including tax evasion and money laundering. Know what can happen if you commit various tax crimes. Better yet – read the stories of various celebrities who thought the tax code did not apply to them!
The IRS Criminal Investigations Division and the Department of Justice have many weapons to deploy against those who commit tax crimes, including tax evasion and money laundering. Know what can happen if you commit various tax crimes. Better yet – read the stories of various celebrities who thought the tax code did not apply to them!
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September 6, 2022 • 18 mins
The Secure Act
Retirement Accounts are one of the most important assets we own. Yet very few of us know the tax implications and the rules about distributions, beneficiaries, and timing issues. The Legal Tax Junkies hopes to give you a sense of clarity and alleviate the anxiety generated by this often-confusing subject, where the devil is in the details!
Retirement Accounts are one of the most important assets we own. Yet very few of us know the tax implications and the rules about distributions, beneficiaries, and timing issues. The Legal Tax Junkies hopes to give you a sense of clarity and alleviate the anxiety generated by this often-confusing subject, where the devil is in the details!
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September 12, 2022 • 24 mins
10 Factors in Choosing a Business Entity.
If you're forming a business entity, congratulations! There’s more than just filing your one-page document with the government, setting up your website, and waiting for customers! The type of business entity should fit your particular set of business circumstances. Failure to understand the effects of a particular entity choice and can have adverse consequences for your business. In this epi...
If you're forming a business entity, congratulations! There’s more than just filing your one-page document with the government, setting up your website, and waiting for customers! The type of business entity should fit your particular set of business circumstances. Failure to understand the effects of a particular entity choice and can have adverse consequences for your business. In this epi...
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October 10, 2022 • 15 mins
Tax Exempt Entities
Think all you need to do is declare your company a non-profit to enjoy the tax benefits and privileges associated with tax-exempt entities? You may be surprised to learn that there are more issues and rules than may meet the eye. The Legal Tax Junkies will guide you through the process to keep you away from tax trouble!
Think all you need to do is declare your company a non-profit to enjoy the tax benefits and privileges associated with tax-exempt entities? You may be surprised to learn that there are more issues and rules than may meet the eye. The Legal Tax Junkies will guide you through the process to keep you away from tax trouble!
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October 18, 2022 • 38 mins
Selecting the Business Entity to Maximize Your Tax Benefits (Michelle Burke CPA).
Once you have chosen your business entity, it is crucial to understand that such a choice's tax ramifications can snowball and affect your future tax liability. In this episode, I discuss business entity selection issues with Michelle Burke, an experienced CPA.
Michelle has over 30 years of experience providing clients with accounting and tax preparati...
Once you have chosen your business entity, it is crucial to understand that such a choice's tax ramifications can snowball and affect your future tax liability. In this episode, I discuss business entity selection issues with Michelle Burke, an experienced CPA.
Michelle has over 30 years of experience providing clients with accounting and tax preparati...
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