Tax Resolution Attorney John P. Willis Writes About Recent IRS Reminders Regarding Crowdfunding Campaigns And Tax Responsibilities.
Tax resolution attorney John Willis, CEO, and founder of IRSALLSTAR, tells readers that the IRS is looking more closely at crowdfunding campaigns, including those who launch the funding campaigns and the recipients of funds.
Fairhope, AL, November 7 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “Crowdfunding Campaigns And Tax Responsibilities.” In which Mr. Willis acknowledges the popularity of crowdfunding campaigns.
“How many times,” begins Willis, “have we seen it on social media sites; a family member or friend has faced an unexpected and tragic accident, illness or loss and someone launches a crowdfunding campaign to help.” He continues, “Sometimes thousands of dollars are raised. Now, not surprisingly, the IRS is turning its attention to these crowdfunding activities to figure out how they can take a piece of the action.” He further states, “They’ve even issued two reminders already this year! So, if you are fond of crowdfunding or are the beneficiary of a crowdfunding effort, you might want to take note.”
As Willis points out, “With the very recent tragic and massive losses on Florida’s southwest coast, there may be a significant rise in crowdfunding campaigns.” He adds, “Be aware that the IRS considers some funds raised in a crowdfund campaign as taxable income, while they consider others as gifts and non-taxable.”
The entire blog can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 23 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://irsallstar.com or call toll-free 877-254-4254.