Most Recent Posts
National Park Service Bans Confederate Flag Sales
So here is an interesting development. National Parks Pull Confederate Flag Sales Items WASHINGTON – Confederate Battle Flag sales items are being removed from national...
Chief Counsel Gives Narrow Scope To Partnership Liability Regulations
At any rate, it was nice to have those regulations, because sometimes it is important how the liabilities are allocated among the partners and what flavor the liabilities are. One situation where it is important whether liabilities are recourse or nonrecourse is when property is foreclosed. If the liability is recourse, the balance is considered proceeds of sale to the extent of the fair market value of the property and the balance is income from the discharge of indebtedness. If the liability is nonrecourse, it is all proceeds of the sale. Which one is better?
In Defense Of Conservation Easement Charitable Deductions
The truth is that these 70 plus cases represent a very small minority of land conservation activities across the nation. There are more than 1,700 land trust working at the local level to preserve wildlife habitat area, ecosystems that produce clean water and air, scenic rural landscapes and recreation areas, historic sites such as civil war battlefields, and productive agricultural and forestry resources that supply our nation with food and timber.
Working within their own community these groups have harnessed local enthusiasm and voluntary action to permanently preserve and protect as much as one million acres per year. Since the 1970’s, there have been tens of thousands of conservation easements donated on tens of millions of acres to conservation groups across the nation. The cases brought by the IRS and state tax departments represent far less than 1 percent of the donations that happen in even one year.
Joan Farr Claims IRS Denial Of Exempt Status Is Example Of Persecution Of Christians
Ms. Farr indicated that AHA had never grossed more than $25,000 meaning it never had to file a complete Form 990. Based on the drama about the loan balance, it was clear that nobody was maintaining a general ledger. Revenue agents are trained as accountants and it makes accountants happy when they have a general ledger with everything classified. I also have to say that having an entity pay back your loan by paying your bills for you is a very bad idea. If there had been a general ledger with those items charged to the officer loan accountant that would have been better, but much better would be the two step process of a loan repayment via a check to Ms. Farr and her paying the bills out of her personal account.
Campaigning For Bishopric Not A Valid Exempt Purpose – Kent Hovind Update
It strikes me as something of a compromise between hierarchical churches where bishops are appointed and churches with extreme congregational independence. If you locked a bunch of Catholics who wanted things more democratic and Southern Baptists who wanted things more organized in a room and told them they had to agree on a governance model for the Southern Catholic Convocation, it might be what you would end up with – or not.
Using Your IRA Funds To Start A Business Is Very Risky
The draconian rules surrounding prohibited transactions seem a bit out of place when someone is messing with what is pretty much their own money and not really avoiding any taxes in the process. From a policy viewpoint I could see a paternalistic argument for discouraging retirement fund investment in speculative ventures, but the only speculative ventures that these rules discourage people from going into are the ones where they will be keeping more of an eye on things.
At any rate, the moral of this story is that you need to be extremely cautious with self-directed IRAs.
Exchange Facilitator Does Not Beat Missouri Use Tax On Learjet
So even though, the companies may have gotten the income tax deferral that 1031 is designed to yield the benefit did not extend to use tax. Presumably, it would have worked if Learjet had taken the 2004 model in trade for the 2007 model, but there are probably business reasons why that was not an option.
The important lesson here is that concepts that work in federal income taxation do not alway translate well when applied in the SALT (State and local tax) area .
Why Is Multi-State Tax Compliance So Hard?
Now I know some real sharp SALT consultants with boutique practices like Inez and Sylvia Dion, whom I featured in women in accounting series, but there are only so many favors you want to ask, so I have developed my own easy rule of thumb. If you ask if you should be filing in a particular state, the answer is probably yes.
And here’s the killer. Most preparers don’t have that much trouble working another state income tax return in, but when it comes to your sales and use tax requirements. Forget about it. You are lucky if they have a clue about their home state.
I had somebody ask me the question last week out of the blue. I’m going to make up a fact pattern that illustrates their problem but is entirely fabricated. As far as I know there is no business like the imaginary one I am about to describe.
The Juror Who Freed Kent Hovind Steps Forward
Jonathan is the journalist and I’m the tax blogger which sometimes has us bickering a bit about when enough is enough. One of my take-aways from all the material that Jonathan has provided is that Kent Hovind was clearly his own man, subject only to God. His penchant for conspiracy theories has him touched by many movements, but he is not really a part of any of them. So the whole story of what happened with Kent Hovind in Pensacola prior to his imprisonment will probably never be told, much as Jonathan would like to uncover it.
A Filmmaker’s View Of The Trials Of Kent Hovind
This post was originally published on Forbes Jun 9, 2015 Kent Hovind, who became famous in some circles for his teaching that there is scientific support for a...