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IRS Hobby Loss Regulation – Goofy Says Judge And I Agree

Originally published on Forbes.com. Having a judge refer to an IRS regulation as “goofy” is not a good thing.  Fortunately, it has only happened once and not that long ago.  In 2016 Judge Richard Posner in overturning a Tax Court decision in the case of...

Tax Advisers Are Too Afraid Of The Hobby Loss Rules

Originally published on Forbes.com. Tax advisers are too conservative in claiming business losses for activities that seem to smack of being hobby loss cases and writers like me are partially to blame. That is my conclusion from a deep dive into studying decisions...
Don’t Try To Create Tax Basis With Journal Entries

Don’t Try To Create Tax Basis With Journal Entries

Originally published on Forbes.com. Companies should pay their own bills. That is probably the real lesson to be learned from the Eleventh Circuit upholding of the Tax Court decision in the case of developer Homero Meruelo.  The stakes were pretty high, a deficiency...
Reflections On Technology – By Michael Schaffner

Reflections On Technology – By Michael Schaffner

One of the great benefits of the Civil War Sesquicentennial was some of the people I met.  One of them was Michael Schaffner whom I met at the penultimate event the sesquicentennial of the grand review in Harrisburg PA in November 2015.  I asked for Michael’s...