Most Recent Posts
Champions Retreat Easement Case – Did Anybody Win?
When you consider that the IRS did not try very hard to fight on valuation and we end up with a result which appears to wipe out any gains that went to the investors, I think I feel OK about discouraging people from going into these deals.
Fake News In The Tax Arena
The authors were surprised by the number of stories that dealt with tax-exempt status. Although some of it is accounted for by the “IRS Scandal” that I call Teapartygate, they noted there was more. Finally there is what they call “old chestnuts” including tax protester theories which now spread on social media..
Opportunity Zone Ponzi Promoter Sentenced To Four Years
It is over in the eyes of the law, Joshua Burrell pled guilty to a small subsection of the charges filed against him and is now going to prison due to his own actions. To me, a victim, I have relied on the filings with the court on this case to outline the story. I have learned of a capable and well loved Man who overcame substantial early family trauma and addiction to become a local legend. Only to throw away his achievements and talents due to a toxic combination of delusion and greed.
National Republican Senatorial Committee Calls Clergy Housing Benefit A Tax Dodge
This is not a case of someone stretching the law or finding a questionable loophole. Chastising Warnock for receiving a tax-free parsonage allowance would be equivalent to criticizing him for buying tax-exempt bonds or paying capital gains rates on his capital gains. It is not hypocrisy to advocate for higher taxes while taking full advantage of the existing provisions in the code.
New York AG Report – Lots Of Lies – Not A Lot Of Federal Tax Avoidance
The “before” value creates most of the controversy. There is a mini-industry of syndicated conservation easements that is based on fantasy valuations. I have written a lot about the issue. When you overstate the “before” value of a property, you can end up understating your tax liability by inflating your charitable deductions. That is the income tax issue in the complaint.
Tax Court Upholds $70,000 In Frivolous Return Penalties
Judge Lauber closes with a warning to Mr. Clarkson that reminds me of a story I heard many times from those older than me. The story was that if they were spanked at school, they would keep quiet about it, because if their parents heard about it, they would be spanked again
Church State Tax Roundup With Emphasis On Parsonage Issue
In the classic case of the parsonage next door to the church, where the minister is required to live, 107(1) seems to duplicate Section 119 – Meals or lodging furnished for the convenience of the employer. There were religious liberty concerns about the level of scrutiny that might be required in applying 119 to a church so a broader exemption was created. This was in the twenties which you might infer from the non-inclusive language. The cash exclusion came into effect in the fifties
Appeal Of $90 Tax Court Decision Shows Passion Of Pro Bono Attorneys
Ms. Grajales filed form 1040EZ, which has no place to report income form pension plans. It is understandable since she figured she had just borrowed money. If I had been doing the return I would have tried to have the argument with New York State about taxability before filing. I’d like to think that I would have ended up reporting the gross distribution on 1040 with a lower taxable amount maybe attaching something to go with it. That homage to computer matching might have avoided the problem entirely.
Peter Hendrickson Responds To Lauber Opinion In Clarkson v Commissioner
The fact is, to the degree that it is not simply an escape hatch from the inappropriateness of the entry in which it is placed, this reference to “Zero Returns” is nothing more than a cheap effort to smear the inconvenient filings which the IRS so desperately wishes to discourage, by suggesting that they are of a kind with returns filed in years past by adherents of various misunderstandings who did indeed fill in 1040s as described above. (
Way Out Of State Tax On Student Debt Forgiveness
There are two other features to the plan that will make a real difference to Taylor. The income based repayment amount will be cut from 10% to 5% and the exempt non-discretionary income will be raised. Taylor’s payment will go down. In addition interest will not exceed the income base repayment, so the loan balance will not grow. So if Taylor begins to prosper they will not have a mountain of debt to deal with.