Tax - Your Tax Matters Partner

Nonrecognition On Divorce Transfers Hurts Receiving Spouse

by admin | May 7, 2014 | Tax

Originally published on Forbes.com May 7th, 2014 When you transfer property to your spouse or a former spouse incident to a divorce, no gain or loss is recognized. It has been that way since 1984. It’s a good rule that makes things simpler. There is a...

IRS Cannot Levy Tribal Payments

by admin | May 6, 2014 | Tax

Originally published on Forbes.com May 6th, 2014 I find it is more fun to read tax cases if I root for one side or the other. My principles of rooting are that I root for the taxpayer unless he or she is being really lame-brained. I will always root for...

Risk Of At-Risk – Ominous Memo Hints At Fallout From IRS Audits Of Large Partnerships

by admin | May 5, 2014 | Tax

Originally published on Forbes.com May 5th, 2014 It has been in the news of late that GAO does not think IRS has been looking closely enough at large partnerships. Follow-up stories indicate that maybe the IRS will be looking at them more. A recently released memo...

Tax Denier Wins Damage Claim Against IRS Levy – Kind Of

by admin | May 2, 2014 | Tax

Originally published on Forbes.com May 2nd, 2014 People who argue that wages are not taxable income generally do not fare well when they make those arguments in federal court. Having one of them win a damage claim against the IRS for fumbling a levy is something...

IRS Chief Counsel Checks 1986 Committee Reports To Give Break On Foreclosed Real Estate

by admin | May 1, 2014 | Tax

Originally published on Forbes.com May 1st, 2014 It’s nice when the IRS Chief Counsel cuts down on their luck taxpayers some slack. There was concern that when a wannabee real estate genius had it all fall apart their suspended losses might still be disallowed....

Alimony That Does Not Look Like Alimony

by admin | Apr 30, 2014 | Tax

Originally published on Forbes.com April 30th, 2014 When money flows from one ex-spouse to another it will generally be one of three things – alimony, child support or property division. Alimony has tax consequences. It reduces the adjusted gross income of the...