Category Archives: Tax

Lending Money to Family Members Could be Taxing

Lending to family members dates back to the creation of money. The IRS entered the mix a great deal later, but it now looms large in the equation. Tax problems can arise when you first lend money, as you’re being repaid, or if you’re not repaid. The issues usually involve: imputed income, gift tax, or… Read More »

What to Do if You Haven’t Filed a Tax Return Yet

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that… Read More »