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Most Recent Posts

Kind Christmas Wishes To Those Behind Bars And The Tax Collectors Too

So there might be some universities where Kent Hovind will be unpopular not just with the biologists, astronomers, and geologists, but also the New Testament scholars. I should mention that his tax theories will not endear him to the accounting faculty.  I don’t care.  I still wish him well and hope for his speedy release and join with Nick Lally in encouraging him to move past his tax struggles.

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Tax Lessons From Woody Allen’s ‘Blue Jasmine’

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.

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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.

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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.

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Cigarette Importer Sees $300M Deduction Go Up In Smoke

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.

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Duke Energy’s Billion Dollar Distribution May Be At Root Of Tax Court’s Crescent Holding Decision

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.

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