Most Recent Posts
Tax Lessons From Woody Allen’s ‘Blue Jasmine’
You may have this vision, that you and your ex are going to become pals after the wounds have healed. It can happen. I know of couples who vacation with their exes and their exes’s partners. You might consider this. Filing a joint return is an irrevocable election while filing separately is not. File separately to get through the contentious phase, wait a couple of years and amend to a joint return. You can use the refund to help pay for that cruise the four of you are going to take together. Or not.
Andrew Schiff Does Not Recommend That You Imitate His Father Irwin
At any rate, Irwin Schiff’s strongest supporters are no doubt his sons. Peter Schiff told me has spent hundreds of thousands of non-deductible dollars defending his father. You may agree with Irwin Schiff’s view and you may admire Irwin Schiff. Even his strongest supporters, however, will not encourage you to follow in Irwin Schiff’s footsteps.
How To Tax Kody Brown And The Sister Wives And Other Polygamous Families?
There is a possible tax planning move for some polygamous families that Judge Waddoups’s decision may have just opened up. That would be Code Section 501(d) organizations.
Euro Pacific Capital’s Peter Schiff Defends His Tax Protesting Father Irwin Schiff
.even though these cases, properly understood, do not support Mr. Schiff’s professed beliefs, they do contain language which, if honestly misconstrued and read out of context, could lead someone without legal training to believe that taxable income is limited to corporate profits
Catskill NY Pagan Phryganium Exempt From Real Estate Taxes
The Phryganium is located in Palenville, NY. Palenville is a “hamlet” that is part of the Town of Catskill. When Nancy McCoy, Assessor for the Town of Catskill, looked at the Phryganium, she thought she saw a run-down inn that a few women lived in and not much in the way of religion going on. So in her view, the Phryganium and its surrounding property belonged on the tax rolls.
Cigarette Importer Sees $300M Deduction Go Up In Smoke
There were a lot of little bits of advice that I received early in my career that I thought it best not to take. One of them was recommending to clients that they put any disbursements of dubious deductibility into purchases since nobody ever looks there. Somehow I doubt that that was the reasoning behind Vibo deducting $295,549,083 of MSA obligations, both present, and past, as part of its cost of goods sold (COGS) for 2004.
Duke Energy’s Billion Dollar Distribution May Be At Root Of Tax Court’s Crescent Holding Decision
Even though I would be hanging my head in shame, if I had been involved in a mess like that, it is actually not all that surprising. Particularly in the partnership area, there is a lack of communication and understanding among the principals, the planners who devise the schemes, the attorneys who draft the agreements, and the preparers of the returns. Mr. Fields’ role as a partner was probably critical to the larger scheme, but apparently, nobody explained it to him.
Do We Need A Clergy Tax Simplification Act Of 2014?
It is hard to see the public policy rationale for giving better tax treatment to people who help the poor because God tells them to than people who help the poor because they believe it is the right thing to do.
Southern Baptist Leadership Unconcerned About Clergy Abuse Of Tax Break For Housing
How does a senior pastor who might make $80,000 per year explain to the teachers in his congregation that even though their entire salary is subject to income tax, his is not? On top of that, denominations are going to have to spend a lot of their limited moral capital in defending the exclusion.
Judge Declares Tax Exclusion For Clergy Housing Payments Unconstitutional
The last time there was a threat to the parsonage exclusion, Congress acted with alacrity. The IRS was at odds with mega-church minister Rick Warren over whether his housing allowance should be limited based on the value of his house. The Ninth Circuit questioned whether the housing allowance was constitutional and appointed Erwin Chemerinsky to serve as amicus curiae (I’m wondering if the ministers might have thought of him as advocatus diaboli). Congress amended the Code to conform with the IRS interpretation thereby mooting the case.