Musician Wins Hobby Loss Case
Revenue agents have the same educational background as CPAs, so I fancy that I can see things from their point of view. In 2008 and 2009 Mr. Gullion and his wife had income somewhat over $100,000 per year which was sheltered by losses from his music business. From 2004 to 2010, total losses were over $130,000 with gross revenue of just over $13,000 (in total for all those years). It is going to be hard to get a no-change audit out of those numbers. Also with those numbers, I bet my most loyal commenter, Robert Baty, a retired IRS appeals officer, already has Mr. Gullion locked up and is contemplating what to do with the key.
TIGTA Finally Stumbles On The Real IRS Scandal
For tax assessments over $10,000,000 or so, IRS should not be fighting with one arm tied behind its back. They should be able to employ the same greedy, sociopathic geniuses who devised the Son-of-Boss deals and pay them whatever the traffic will bear. Only they have to barred for decades from representing taxpayers after they leave IRS.
Follow Me
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.