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Home Schooling Contingency Does Not Kill Alimony Deduction
Petitioner and his former wife entered into the agreement that she would homeschool their child with the explicit understanding that their decision would cause financial hardship for her because she would not be able to work while performing the schooling. Under the terms of the written agreement and their understanding, it was solely within his former wife’s discretion as to whether she would go back to work or continue homeschooling their child. During the seventh month of the agreement under the divorce order, the former wife requested increased spousal support payments from petitioner, but he was unable or unwilling to pay more. Hence, petitioner’s former wife decided to return to work, and therefore the child was no longer homeschooled
Kent Hovind Trials – Final Round Of The First Fight – Installment Five
Jonathan Schwartz continues his analysis of the final day of Kent Hovind's March trial. Thomas Steven Keith has been practicing law for 38 years. He’s sixty-two. He...
The Trials Of Kent Hovind – An American Tragedy
Hovind and Hansen are sanguine that Hansen’s brilliant territorial jurisdiction arguments are going to stun the government and cause them to back off. I don’t think that is likely. I am not going to handicap the upcoming trial. Another hung jury is not out of the question. In a sense, it does not matter since Hansen and Hovind will face sentencing on the charges that yielded convictions in March. It is virtually certain that they will appeal and at least some of their supporters are dedicated enough to keep the cause going.
IRS Denies Exempt Status To Historical Interpreters
I think the moral of this story is that it is a bad idea to rely on the IRS to provide imprimaturs of a sort on organizations that really have no significant tax exposure themselves. The IRS has a big enough job collecting taxes that it does not need people with laudable purposes applying to them for an extra dose of credibility.
Second Circuit Questions Loss Computation In Ponzi Scheme Sentences
So you pay in five grand and bring an appetizer to your first meeting. The next two meetings you bring soup and then the main course. Finally, you bring dessert and the five grand from each of the eight appetizer people goes to you. Then the table divides into two tables requiring sixteen appetizer people. What could possibly go wrong? Well about the twelfth time the tables divide you need all the women in Connecticut to be participating. Around the 23rd time, you need all the women in the world. You probably already knew that, but it is worth pointing out.
TIGTA Report On IRS Exempt Process – End Of The Beginning?
Treasury is still revising draft guidance on how to measure the “primary activity” of social welfare organizations. Until the guidance is finalized the IRS does not have a clearly defined test for determining whether an application of a social welfare organization should be approved. This issue has been the focus of something called The Bright Line Project sponsored by Public Citizen.
IRS Partnership Adjustments In Millions May Produce No Tax
On occasion, the IRS has been faced with the challenge of securing a settlement agreement at the partnership level because the millions of dollars in adjustments would have resulted in zero taxes after applying the assessment tolerance for taxable partners.
Tax-free Roth Conversions – From The Boston Tax Institute
Lu Gauthier of the Boston Tax Institute has given me permission to reproduce his email blasts. BTI is a great value for live tax continuing professional education....
Two NFL Entities Dropping Exempt Status – Details Maybe Never
The other thing that has been troubling me about this is precisely how it is accomplished. I know how to revoke an S election, but it is not clear to me how to revoke your exempt status. I was thinking some sort of dissolution. The wording of the press release seemed to imply that they are just going to file an 1120 this year instead of a 990 and that is all there is to it, but my inquiring tax mind is deeply unsatisfied.
What happens with that $300 excess of liabilities over assets? The league will need after tax dollars to pay them, if it has carryover basis in the assets from its exempt days. It is better to have loved and lost than never to have loved at all. Here though, at least at first blush, it is worse to have been exempt and dropped it than to have never been exempt at all. If the NFL had been taxable all along it might have a $300 million net operating loss to carry forward.
Is IRS Targeting Drunkards?
In my mind, if you are going to have a social club or a fraternal organization (501(c)(8)) or a trade organization (501(c)(6) that is not being run to make a profit, then run it to roughly break-even and if there is a small profit, pay some taxes. It won’t kill you. Limit the exemption process to the 501(c)(3) organizations.