Thomas More Law Center Victory Over California AG – Big Win For Free Speech Or Dark Money?
It does seem to me that this litigation is much ado about not much. The contributors are still disclosed to the IRS. And if people are attached to their anonymity, they now have the much better option of donor advised funds. The biggest player in that field now is probably Fidelity Charitable. When they accept your recommendations to give to particular not for profits, it us up to you whether your identity is disclosed to the recipient organization. If you run all your controversial contributions through Fidelity Charitable or some other donor advised fund, the only report going to the IRS (and by extension the California AG) will show that you made a contribution to Fidelity Charitable or some other donor advised fund. The recipient organization will report that it received money from the donor advised fund.
Tax Court Upholds IRS Penalties On Decades Old Cattle Shelter Losses
I think if I had been the judge, I would have told the IRS that it just wasn’t right to penalize this guy after all those years. The purpose of penalties is to encourage compliance not rasie revenue and laying them on over twenty years late just does not do the trick. Of course, there are many reasons why I am not a Tax Court judge and now we have just added another. There are two morals here. One is that having the people who sell you the tax shelter be the ones to prepare your return is probably not a good idea. The other is that not only should you get it in writing. You should also make sure it is signed.
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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.