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Most Recent Posts

Another Proof That S Corp Can Be Best Choice For Professional Practices

Another Proof That S Corp Can Be Best Choice For Professional Practices

Anybody with a professional practice netting anywhere above the very low six figures needs to have an extremely good reason to consider continuing as a C corporation in light of this and similar decisions.  Also this is probably another sign that using S corporations to avoid some, but not all, payroll tax is a very solid strategy.

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Zombies Can’t File Tax Court Petitions

Zombies Can’t File Tax Court Petitions

Unlike a traditional statute of limitations, the 90-day period of section 6213(a) generally cannot be tolled or extended.  Jurisdictional statutes such as section 6213(a) are conditions on the waiver of the Federal Government’s sovereign immunity and must be strictly construed.  Section 6213(a) provides that a petition may be filed by the taxpayer during the 90-day period. Petitioner’s suspension under Cal. Rev. & Tax. Code sec. 23301 deprived it of the capacity to sue under section 6213(a) and prevents its corporate revival from prejudicing respondent’s defense of lack of subject matter jurisdiction.

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Exelon Subsidiary Denied Tax Breaks On Three Mile Island Purchase

Exelon Subsidiary Denied Tax Breaks On Three Mile Island Purchase

I found it interesting that AmerGen when it spent its $93 million got essentially a bag of money nearly ten times as large along with the nuclear power plants.  There is that nasty decommissioning exposure, but that’s in the far, far future. My inner villain sees opportunity here, but I suspect that the regulators are all over it and there is not that much you can really get away with.  On the other hand I used to believe that stock analysts actually read the notes to the financial statements and I’m beginning to wonder about that.

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Nay Nay We Won’t Pay – Evaders, Protesters and Resisters Versus IRS

Nay Nay We Won’t Pay – Evaders, Protesters and Resisters Versus IRS

Dr. Olejak is probably the exception that proves the rule when it comes to few prosecutions of war tax resisters compared to tax protesters.  The protesters, because they believe the IRS is acting illegally, end up performing other illegal or questionable acts – such as the structuring that made up most of the counts Kent Hovind was convicted of or the type of property filings (sometimes called “paper terrorism”), that are the basis of Hovind’s current prosecution.

In Dr. Olejak’s case we see that type of behavior  in a war tax protester and similar attention from IRS Criminal Investigation.  When it comes to the lighter sentence, he ended up getting credit for “acceptance of responsibility” and entered into a plea agreement. Hovind, on the other hand, went to trial and even after conviction and unsuccessful appeal continues to insist that he broke no laws.

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Did Andie MacDowell’s Mountain Hideaway Require Tax Incentives?

Did Andie MacDowell’s Mountain Hideaway Require Tax Incentives?

Balsam Mountain Preserve counts itself the lowest density private club community in western North Carolina.  Of the 4,400 acres in the community, 3,400 are in permanent conservation easement with North American Land Trust holding the easement.  There is also The Balsam Mountain Trust  that is dedicated to the stewardship of the preserved land.  The architecturally distinctive homes in the preserve currently for sale range from  $850,000 to $2,800,000.  Available homesites range from $150,000 to $460,000.

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