Most Recent Posts
District Court Rules Signing Advances To Physicians Are Current Wages
The other thing that makes me less than enthusiastic about plans like this, besides them not actually working, is that you end up with somebody having phantom income hanging over his or her head. Presumably in year five when they have to pay the piper, they are a little more settled. Still it would kind of drive me crazy.
Does IRS Hate Cats ?
If you are thinking of making a large bequest to a small charity, you might want to consider whether they have the infrastructure in place to deal with it. It may be that if Mr. Campbell had left money to a community foundation with instructions to support the small charities, more would have ended up with the cats.
Do Not Be Pressured Into Blindly Signing A Joint Return
Many tax preparers only deal with either the husband or the wife when preparing a joint return. Particularly when dealing with a return where you know the balance due will not be paid, you should be sensitive to the fact that the interest of the couple may not be aligned. The option of filing separately should be communicated to both of them.
Suze Orman In Press Conference On DOMA Calls For Great Gay Migration
The 1,100 or so that she was referring to is the number of items in the entire United States Code where benefits are impacted by marital status. They are not all tax related.
Filing Extension On April 15 Can Be More Important Than You Think
What these three elections have in common, along with a lot more, is that they must be made by the due date of the return to which they apply. The due date includes extensions. This is what makes Form 4868 so important even for people who do not have to worry about penalties. There are ways to get relief for late elections, but it is a lot more trouble than filing an extension.
Taxing The Third Space
To become more specific to our situation: our physical fitness facility, bookstore and coffee shop, exist to meet a primal spiritual need: human connection with our fellow believers in the midst of an increasingly impersonal urban space. This is particularly crucial for the low income and immigrant populations to which we minister in great numbers. In safe community with their fellow Christians, immigrants learn English, acquire the cultural knowledge necessary to adapt to American life, and accept the growing responsibilities of church membership
Splitting Up Family Assets Can Raise Estate Taxes
The thing I wonder about is whether the planning might have worked if rather than enhancing the Trust’s ownership in CI LLC, it had been slightly diluted. If the Trust’s interest were cleanly below 50%, higher discounts should have held up. The terms of the loan negotiated strike me as over the top, but with less than 50% ownership, the Trust would not be in a position to force distributions. The deficiency was over $58,000,000 which seems like it would have given the next generation quite an incentive to hang in for a little longer.
IRS Encourages CPA To Take Up New Trade
In a Final Agency Decision, the Administrative Judge (ALJ) disbarred Tiongson on March 1. The ALJ found that Tiongson’s advice to clients to use Form 2555 to treat California earned income as foreign source income on at least fifty-two tax returns, constituted disreputable conduct under Circular 230, and his failure to research the legitimacy of the filing position specifically violated the Circular’s due diligence standards.
The First Angry Tax Blogger
It dawned on me that we tax bloggers cultivate personas. Even if what we say about ourselves is strictly true, the process of selection makes each of us a self created literary character. But has this new literary form created a full blown character equivalent to fictional doctors like Sam Abelman ? It has.
April 15 What To Do If You Don’t Have The Dough
A joint return creates joint and several liability, which means that they can collect the entire balance due from either spouse. If you are not paying your balance due timely, you are entering into a different world where the amount of the tax may turn out to be of merely academic interest. Collections is all about ability to pay.