Most Recent Posts
Inflation Bill Will Restore IRS Staffing To 1995 Level By 2026
I think it is safe to say that an Enrolled Agent who want to continue in the tax field in a practice that serves individuals and small businesses will not improve their capacity to serve clients by becoming a CPA,
Come Out of a Recession With a Stronger Future and Better Outlook
Finally, if you’re worried and anxious about the uncertainty during a recession, devote some time to self-care. Engage in stress-relieving activities like meditation, yoga and stretching to help ground yourself.
Tax Pro Suggests How IRS Should Use Funds From Inflation Reduction Act
The Taxpayer Advocate does a good job monitoring the IRS and makes a large number of suggestions that are ignored by both the IRS and Congress. The IRS needs to open a dialogue with the Taxpayer Advocate and follow their recommendations regarding enforcement and everything else. Congress clearly needs to do the same.
Best Tax News Of The Year – Aegis For Dreams Wins Tax Exempt Status
A historically accurate Revolutionary War film hasn’t been made in fifty years (and arguably, ever). In my view, this was a key element of IRS’ granting the Foundation tax-exempt status: the film cannot compete against something that doesn’t exist. The Foundation’s Tax Court case magnifies this longstanding void in our country’s filmography. Aegis for Dreams fills that void. Charitable status puts the story itself at the forefront, not financial profit considerations.
Charitable Acknowledgements For Tax Purposes Go Badly Wrong
While the risk is primarily for DAF gifts of partnership interests, business interests or minority interests in real estate, it is important for all organizations that sponsor DAFs to use the expanded language in future contemporaneous written acknowledgments. This language is designed to comply with Section 170(f)(8) and Section 170(f)(18) requirements.
Conservation Easement Abuse – Not Just The Syndicators
The BU white paper further validates P4C’s longstanding position that the class of landowner, whether a partnership or an individual, is irrelevant as it relates to the potential for overvaluation of donations of conservation easements.
Don’t Complain To IRS If They Are Slow To Process Your Fraudulent Refund Claim
Joe slipped up on controlling the mail one day in October 2010 and learned about the liabilities from IRS mail. When she pressed Joe for answers on why the liabilities are so high, he slammed her against the wall. After he went to sleep that night, she hid his gun being afraid that he might use it.
The Fine Points Of Claiming Charitable Deductions
One of the things we focused on was making sure that we had good acknowledgements on charitable contributions. If the charity did not include the right language, we followed up with them. I also coached charities I was involved with on this point. It was amazing how many did not get it.
An Unusual Tax Court Hobby Loss Opinion
Code Section 183, which does not actually mention hobbies, was part of the Tax Reform Act of 1969. The IRS issued regulations in 1972. Both the Code and the Regulations are virtually unchanged since then, so we have nearly 50 years of relevant case law.
Sixth Circuit Rules Low Income Housing Tax Credit Refusal Rights Are Special
Facilitation of the investor exit after the expiration of the fifteen-year compliance period is, therefore, crucial to the efficacy of the LIHTC program. The mechanism creates an incentive, as discussed, for nonprofits to participate in the program; nonprofits will be less likely to enter a partnership that includes an investor, if doing so entails a serious risk of an ownership battle after the fifteenth year.