20 JAN 2022

20 FEB 2022 · 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 experienced in Cannabis-related matters. Cannabis businesses face financial and regulatory hurdles such as banking and congressional action proceeding at a snail’s pace. Have you also considered growing Hemp? Part II of Cannabis business operations focuses on banking, legislative agendas, hemp issues, and related topics. Attorney Mike Rothman joins me again for an insightful discussion that will benefit Cannabis (and Hemp) business owners.

21 MAR 2022 · 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 Reasonable assumptions? Is there any Advantage In Writing Opinions Early? Should Give the Opinion To the IRS? Should Give the Opinion To the Return Preparer? Are Opinions Helpful In a Dispute? These and other questions are discussed in an attempt to dispel the prevailing myths about Tax Opinion Letters.

17 APR 2022 · 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.

22 APR 2022 · 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.

14 MAY 2022 · 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.

12 JUN 2022 · 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!

22 JUN 2022 · 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) and income tax withholding. If the IRS determines an individual has been misclassified, it may levy penalties against the employer. These penalties can be costly and, in some cases, devastating for an employer. Find out how to stay out of trouble by tuning in to this episode of the Legal Tax Junkies!

29 JUN 2022 · 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 incarceration! Tune in to the Legal Tax Junkies to gain insight into issues associated with foreign asset holdings.

5 JUL 2022 · 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.