SPLC Calls Family Research Council Hate Group – Should IRS Take Action?
The other very broad issue is whether the organization is meeting the definition that makes it exempt. Is it really educational? Is it engaging in politics? Is it really a church? You could probably come up with a worse way than having an accountant heavy organization making those determinations, but it might take you a while.
It’s not just because an accounting degree is a terrible education for that purpose. It’s also a cultural problem. If you task a group of accountants with collecting $2.5 trillion dollars, do you really expect them to take soft stuff that has only a remote potential for bringing in more money very seriously?
When Planning Never Forget The Alternative Minimum Tax
Surely you have been keeping track of your AMT basis in your S corporation stock.
Oh. You rely on your accountant for things like that. Well, I have to tell you. Your reliance is misplaced. If you have had the same accounting firm for all the years that you owned the S corporation and they used a good software package like Pro fx continuously for all those years, there is a chance that the number is available. If you switched preparers several times and they switched software, the chance that you have a good AMT basis number is pretty remote.
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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.