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Tax Articles

State Taxation of Marijuana

Robert Mikos (Vanderbilt) has posted Why Crime Doesn’t Pay: Thoughts on State Taxation of Marijuana Distribution and Other Federal Crimes on SSRN. Here is the abstract: The financial crisis has breathed new life into proposals to reform marijuana law. Commentators suggest that legalizing and taxing marijuana could generate substantial revenues for beleaguered state governments-as much…

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Olympic Athletes tax treatment

Every two years, a topic of conversation among tax folks is the tax treatment of Olympic athletes. The United States Olympic Committee pays athletes for winning Gold ($25,000), Silver ($15,000), and Bronze ($10,000) medals under its Operation Gold program — these payments clearly constitute income. In addition, one court has suggested that the medals themselves…

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Early Distributions from Retirement plans

Some taxpayers may have needed to take an early distribution from their retirement plan last year. There can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions.…

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Missing a W-2 form – what to do

Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send you a 2009 Form W-2 earnings statement. If you haven’t received your W-2, follow these…

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Tax implications of unemployment benefits

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009.  Here are five important facts the Internal Revenue Service wants you to know about your unemployment benefits. Unemployment compensation…

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What income is taxable?

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items that are not included in your…

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