Need Strong Documentation Of Time Spent To Claim Real Estate Losses
Apparently, it is TIGTA that is to blame. TIGTA is the Treasury Inspector General For Tax Administration. They are the folks that gave us the reports about the line dancing Anaheim conference and the Cincinnati gang that couldn’t sort straight picking on the Tea Party. In 2010 TIGTA issued a report to the effect that the IRS was not paying enough attention to real estate losses.
AICPA Wastes More On Conferences Than IRS
Somebody smarter than me seems to think things like that are a good idea and if they are a good idea for CPA firms, then they are probably a good idea for the IRS. None of the extra frills that people are so outraged about with the IRS are at all unusual at tax conferences. If you are thinking about a career as a tax professional, though, I have to tell you that there is really no truth to the stories about the tax groupies flocking to the places where tax superstars gather in conclave.
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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.