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Father Kent Hovind SJ Not So Much

Father Kent Hovind SJ Not So Much

Kent Hovind developments keep verging on Forbes worthy, but have not quite gotten there.  For those new to this blog,  Kent Hovind is an Independent Baptist minister dedicated to Young Earth Creationism,  He has a lot of trouble with the IRS and is currently on...
Foreclosure Cash For Keys Not Taxable As Service Income

Foreclosure Cash For Keys Not Taxable As Service Income

Originally published on Forbes.com. Sometimes it seems the IRS is kicking people when they are down.That is how I saw the case of Karl Bobo who was in Tax Court over a deficiency of $7,175 for the year 2012. Cash For Keys The case is about the proper tax treatment of...

What To Do Right Away In Anticipation Of Coming Trump Tax Cuts

Originally published on Forbes.com. The election of Donald Trump and Republican control of both houses of Congress makes for exciting times for tax professionals. It is pretty clear that something big is going to happen next year. The one thing that Trump and the...
IRS Can Sometimes Collect Corporate Tax From Former Shareholders

IRS Can Sometimes Collect Corporate Tax From Former Shareholders

As a tax professional, few things horrify me more than appreciated assets inside a C corporation. That was at the root of a recent  Eighth Circuit decision Stuart v Commissioner.  William Stuart had been a shareholder in Little Salt Inc. Little Salt Inc in Lincoln,...

A Cheer And A Half For Meritocracy

The system is rigged in favor of anyone who excels at getting her or himself educated to the graduate degree level and then working hard for decades. See, e.g., Barack Obama, Hillary Clinton, Condi Rice, Colin Powell, almost all of the infamous 1%. The quote above is...