Most Recent Posts
Bitcoins Not Tax Fairy Dust – Second Life Still A Tax Haven?
There are sixteen questions. Nine of the questions (Questions 3,8,9,10,11,12,13,14,15) are there to drive home the point that when you are paying or receiving virtual currency, you have the same obligations and tax consequences as if you would if you were paying or receiving dollars.
No Margin For Error When Using IRA Rollover As Bridge Loan
Although petitioners argue that their intent was to effect a rollover, it is well established that a taxpayer’s intention to take advantage of favorable tax laws does not determine the tax consequences of his or her transactions.
Do Some Looking And Thinking Before Signing Form 1040
Of course, your CPA, with whom you play golf, will assure you, as you are sipping single malt scotch together, that his people are all over the latest developments. The sad truth is that that fellow’s primary job is play golf with you and make you feel good about his firm.
Building Repair Deductions – Thirty Per Cent Of What?
There may be more categories in the future. You need to determine whether a particular expenditure is a “big deal” within each of those categories. What is interesting is that the assessment is not made based on dollars, but rather on physical reality. The regulations appear to allow some very large expenditures that somebody just looking at invoices would capitalize.
Hedge Fund, TEFRA And Community Property Give Woman Tax Nightmare
I have a general against the grain belief that joint returns are a bad idea (or at least not that good an idea) for couples who are in the process of splitting. It is possible that I might modify that a bit for people in community property states. They end up getting stuck with a split of much of the property. Apparently, but for the ill-considered amended partnership return, the whole matter would have slid by, but the Tax Court’s ruling is that Ann was supposed to pick up that income even though she was not a partner.
Could You Make Tax Protester Theories Work For You?
If you are willing to entirely discount the quite remote chance of criminal prosecution, it may well be a decent percentage play particularly if you are just about maximizing your current lifestyle rather than accumulating net worth and entirely amoral when it comes to meeting tax obligations. If you get caught, you can use the collection due process system to work something out based on your ability to pay.
Lois Lerner Takes The Fifth Again – Political Theater?
After watching the full twenty minutes, I’m still of two minds about which narrative to embrace. It would seem that if Chairman Issa really wants to get at the truth, the simplest thing would be to grant Lois Lerner immunity. The way it is playing now, though, is what makes me suspect Issa and Cummings might be frenemies. That twenty minutes of video provides great clips that they can each use to whip up their base.
CREW Fails To Force IRS To Take Even Harder Stand On 501(c)(4) Political Spending
Last I looked the determination has been delegated to state historic commissions just as the allocation of the low-income housing credit is delegated to state housing agencies. The Federal Election Commission is the agency that is supposed to be enforcing transparency in political spending, let it have the job. Maybe in the meantime, the SEC could require publicly traded companies to disclose their political expenditures.
Tea Party Patriots Celebrates Fifth Anniversary By Asking For Money
The odd thing about Tea Party Patriots Inc. is that it wants to transform the political landscape, but it has adopted the stance in applying for tax-exempt status under 501(c)(4) that it is not mainly political. (By the way the IRS did just approve exempt status for TPPI. so, in a few months you will probably be able to get its 990 on guidestar.org.)
Did Clergy Lobby Get To Dave Camp? No Limit Proposed On The Mega Housing Allowances Of The Mega Pastors
Reverend Frank Jones, author of Stop The Prosperity Preachers is concerned that the unlimited housing allowance, which can be double-dipped with deductible mortgage interest, and lack of financial transparency attracts the wrong type of people into ministry.