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How To Win An IRS Hobby Loss Audit

by admin | Jun 4, 2019 | Tax

Originally published on Forbes.com. Taxpayers can and do win hobby loss cases and advisers can guide them in going into the game with a winning hand. That’s my conclusion from a pretty deep dive into Code Section 183-Activities not engaged in for profit. I...

IRS Hobby Loss Regulation – Goofy Says Judge And I Agree

by admin | May 31, 2019 | Tax

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

by admin | May 29, 2019 | Tax

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...

Denial Of $33M Deduction That Yielded $2M To University Of Michigan Upheld On Appeal

by admin | May 26, 2019 | Tax

Originally published on Forbes.com. Bad news for billionaire Stephen Ross. The DC Circuit has upheld the Tax Court in denying the $33 million charitable deduction for a $3 million contribution he made through a partnership to the University of Michigan in 2003. And...

Don’t Try To Create Tax Basis With Journal Entries

by admin | May 21, 2019 | Tax

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...

Malware Attack Paralyzes Tax Businesses Throughout The Country

by admin | May 9, 2019 | Tax

Originally published on Forbes.com. Panic reigns in countless accounting firms across the nation as one of the top providers of tax software, CCH, a subsidiary of Wolters Kluwer, a Dutch company, has gone dark this week. Here is what they have to say about it. On...