Tax
Jul. 26, 2018
A few noncash items that can land you in hot water with the IRS
It’s easy to remember wages, since you receive a Form W-2. Yet a variety of events can give you taxable income even though you’ve seen no cash.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
As an American taxpayer, what items must you pay tax on to the IRS? It's easy to remember wages, since you receive a Form W-2. It's also easy to remember income reported on Forms 1099, although if you are missing one, maybe not so much. Yet a variety of events can give you taxable income even though you've seen no cash. Here are some common examples. Constructive receipt requires you to pay tax when you merely have a right to payment even though you do not actually re...
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