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Charitable Acknowledgment Requirement is Absolute

by admin | Jul 29, 2011 | Tax

Originally Published on forbes.com on July 29th, 2011 ______________________________________ In compliance matters, there are some things that you cannot emphasize enough. One of them is that for donations over $250 you need a contemporaneous acknowledgment from the...

Thomas More Law Center Appeals Obamacare To Supreme Court

by admin | Jul 28, 2011 | Tax

Originally Published on forbes.com on July 28th, 2011 ______________________________________ Earlier this month I reported on the decision in the suit by Thomas More Law Center against the Patient Protection and Affordable Care Act, which is derisively referred to as...

Covenant Not To Compete – Not Good for Seller or Buyer

by admin | Jul 28, 2011 | Tax

Originally Published on forbes.com on July 28th, 2011 ______________________________________ I used to really like the word “covenant”. It had a certain majestic ring to it. Then Congress enacted Code Section 197 and I stopped liking it so much, particularly when it...

Drag Racing and Amway – Fun Not Profit

by admin | Jul 26, 2011 | Tax

Originally Published on forbes.com on July 26th, 2011 ______________________________________ The case of Richard Zenzen is the most recent “hobby loss” case that I have seen. Mr. Zenzen seems to have had an appreciation for fast cars and an ability to work on them:...

You Can Be Two Places at Once if One of Them is New York

by admin | Jul 25, 2011 | Tax

Originally Published on forbes.com on July 25th, 2011 ______________________________________ Most states and a few cities tax their residents on their world-wide income. They tax non-residents on the money that the non-residents earn in that state. Typically the...

Man Gets Innocent Spouse Status

by admin | Jul 22, 2011 | Tax

Originally Published on forbes.com on July 22nd, 2011 ______________________________________ The case of Timothy Lee Richard is unusual for two reasons. The first is that it is a case of a man claiming innocent spouse status. They are not that rare, but if you’ll...