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What The Proposed ‘FAIR Tax’ Really Looks Like

  U.S. Rep. Earl “Buddy” Carter (R-GA) has introduced the FairTax Act of 2023. Much of the commentary on the bill, including mine, has been about whether it is a good idea. The politics surrounding FTA23 have been tinged by the fact that its underlying concept —...
Abolish The IRS – Sort Of – Then What?

Abolish The IRS – Sort Of – Then What?

The House of Representatives will be holding a vote on a plan that would abolish the IRS! According to a Fox News story by Houston Keene, holding the vote is part of the deal that got the Freedom Caucus to agree to Kevin McCarthy becoming speaker.  Representative Earl...
Appreciation And A Strong Manager Win Hobby Loss Case

Appreciation And A Strong Manager Win Hobby Loss Case

The first Tax Court hobby loss opinion of the year is a taxpayer win. Paul and Patricia Wondries were facing deficiencies totaling $421,503 for the years 2015-2017.  The issue was whether their 1,100 acre ranch was being run with the objective of making a profit. ...
Some Of The Tax Developments I Covered In 2022

Some Of The Tax Developments I Covered In 2022

I have been a tax writer of sorts for thirteen years.  What I write about is stuff that I find interesting.  And I have to tell you that 2022 does not rate that high for interesting. Still there were a few things worth remembering.  On reflecting on what I find...