Selling Soap as a Hobby – Amway IBO’s in Tax Court
Now I am subject to the AICPA Statements of Standards on Tax Practice, which among other things forbids me from giving clients advice based on what I believe the audit selection process of a taxing authority is. I wouldn’t do it anyway, because I think most people who give that type of advice are guessing. Even if you happen to be one of my clients, I’m speaking to you purely as a reader here when I give you this advice:
You don’t tug on Superman’s cape
You don’t spit into the wind
You don’t pull the mask off that old Lone Ranger
And you don’t take no Schedule C losses from an arrangement with a company that IRS examiners have on speed-dial.
Ignore Those Bad Idea Bears-IRA Not a Good Bridge Loan Source
Originally published on Passive Activities and Other Oxymorons on June 15th, 2011. Private Letter Ruling 201118025 Private Letter Ruling 201116044 Private Letter Ruling...
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.