Don’t Be Fooled By E-Mail ‘From IRS’ – But Don’t Ignore Their Snailmail
Do not ignore snail-mail from the IRS. That is how they contact you and often there are deadlines on when you need to respond to preserve your rights. If you work with a tax professional it is a good idea to fax him a copy before you call and ask about it, although I do find it entertaining to try to explain notices that I am not looking at.
Partnership Needs More Than One Partner
If the deal had otherwise worked it would have been really devastating to lose it on that basis, since an election by the disregarded entities to be treated as corporations would have saved it. Actually it was just another nail in the coffin, but one to watch out for in transactions of more substance.
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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.