Most Recent Posts
Time To Eliminate Joint Filing ?
The trilemma holds that an income tax cannot simultaneously maintain progressive marginal rates, impose equal taxes on equal-earning couples, and insist on marriage neutrality.
What Were They Thinking ?
One of the ways to buy time is “managing payables”. In its extreme form you only pay bills to vendors who are capable of and prone to exacting immediate revenge like shutting off the lights. When operating in this mode there is a great temptation to not deposit payroll withholding.
Don’t Be Fooled By E-Mail ‘From IRS’ – But Don’t Ignore Their Snailmail
Do not ignore snail-mail from the IRS. That is how they contact you and often there are deadlines on when you need to respond to preserve your rights. If you work with a tax professional it is a good idea to fax him a copy before you call and ask about it, although I do find it entertaining to try to explain notices that I am not looking at.
Partnership Needs More Than One Partner
If the deal had otherwise worked it would have been really devastating to lose it on that basis, since an election by the disregarded entities to be treated as corporations would have saved it. Actually it was just another nail in the coffin, but one to watch out for in transactions of more substance.
Bill Romanowski's Tax Court Loss Not A Typical Horse Case
The bottom line is that both the Romanowski and Pederson are really bad tax shelter cases rather than horse breeding cases. It strikes me as odd that somebody who was going to promote a tax shelter would uses horses, since the business already has red flags associated with it. I keep a rough tally in my head of what activities are most likely to win hobby loss cases. Car racing and Amway do not do well at all. Horse breeders, on the other hand, frequently win, although the IRS keeps going after them. Whatever anybody else thinks, I’m not going to count these cases against actual horse breeders.
Married Same Sex Couples – Windsor Decision Requires Action This Tax Season
The calculator does not address situations like that. The calculator does not even address the possiblity that Robin has capital losses and Terry has capital gains. If your affairs are at all beyond plain vanilla, you will need to set up both returns in full in order to make a sound judgment.
Fertility Treatment – Is IRS Heteronormative Or Just Muddled ?
.the IRS and the Tax Court are operating with a heteronormative, marriage-centric understanding of natural or normal reproduction, what qualifies medical and who makes an appropriate parent. This set of norms drove the IRS and the Tax Court to conclude in Magdalin that a deduction was not permissible—not because of any command in the doctrine, but rather because the taxpayer in that case did not fit the IRS’s and the Tax Court’s understanding of who a proper parent is
Even Real Estate Salesman Has Trouble With Passive Loss Exception
Even accepting that he spent 520 hours working on his own properties, he still lost. Two of the properties were short-term vacation rentals and one was being readied for sale. The time spent on those properties could not be grouped with the time spent on properties dedicated to long term rentals.
Co-op Owner Wins Casualty Loss Appeal
I was wondering a little about the case going this far given the relatively small deficiency involved. According to this story this was being used as a test case for 200 other Castle View owners. Eric Levine, the attorney handling the case indicated that it may have broad implications in the wake of Hurricane Sandy:
Is IRS Persecuting Kent Hovind For Creationism ?
Bottom line, it seems rather unlikely that when federal agents went into Kent Hovind’s Dinosaur Adventure Land, it had anything to do with what was being taught there.