Tax - Your Tax Matters Partner

IRS Will Not Tax Forfeited Jackpots Of Compulsive Gamblers

by admin | Aug 28, 2014 | Tax

Originally published on Forbes.com Aug 28th, 2014 The IRS Chief Counsel has ruled on a tax aspect of a program to help compulsive gamblers. CCA 201433015 discusses the “Voluntary Exclusion Program” (VEP) of an unnamed state. The precise details of VEPs...

Bank Out 40 Grand When It Allows Withdrawal Two Hours After IRS Levy

by admin | Aug 27, 2014 | Tax

Originally published on Forbes.com Aug 27th, 2014 If the decision in a recent case against JPMorgan Chase stands, banks may be more inclined to be lickety-split when the IRS comes knocking with claims against a depositor’s money. I had a tough time deciding who...

Do You Need To Maximize Rents To Claim Rental Losses?

by admin | Aug 26, 2014 | Tax

Originally published on Forbes.com Aug 26th, 2014 Does a taxpayer face tax trouble from not maximizing the rent?. That seems to be the holding in a recent Tax Court decision in the case of Harrison Hunter. I’m not sure that Mr. Hunter should have actually...

Home Sweet RV Does Not Always Produce Best Tax Result

by admin | Aug 25, 2014 | Tax

Originally published on Forbes.com Aug 25th, 2014 Having recreational vehicles considered dwellings for tax purposes is probably, more often than not, a taxpayer-friendly position. It makes the interest to acquire such vehicles potentially deductible as residence...

Where Tax Shelters Go When They Die

by admin | Aug 22, 2014 | Tax

Originally published on Forbes.com Aug 22nd, 2014 The fallout from sketchy tax shelters can stretch over a very long time. Michael and Ruth McElroy were in Tax Court recently trying to make that stretching work in their favor. They did not get a break. Not only...

Tax Court Omits Key Sentence In Ruling Against Taxpayer

by admin | Aug 21, 2014 | Tax

Originally published on Forbes.com Aug 21st, 2014 The way the Tax Court judge put it, Scott Williams was an aviation buff with a business unrelated to aviation. The IRS objected to Mr. Williams integrating his aviation activity into his business Worldwide Phone Pops...