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Most Recent Posts

Republican Donor Lane Grigsby Must Repay $576,756 Research Credit Refund

Republican Donor Lane Grigsby Must Repay $576,756 Research Credit Refund

In my view the biggest hazard in public accounting is envy.  Unless you have an odd specialty in order to prosper you must work for and associate with people who are much wealthier than you have any hope of ever becoming.

What inflames the envy is something referred to as the “tyrrany of the billable hour”.  In order to make a living you have to do some work or pay somebody else a reasonable wage to do some work.  One of the escapes from the tyraany is “value billing”.  Research credit consulting is one of those things that can be value billed.  Rather than charge based on how much work you do, you charge a percentage of the tax savings.

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Poor Return Preparation Voids Deduction For African Art

Poor Return Preparation Voids Deduction For African Art

“Malian cultural heritage has for several decades, undergone a massive transfer toward Europe and the United States. Analyzing the phenomenon in its universality, it seems very clearly to be the translation of an unequal relation between poor (weak) and wealthy (powerful) nations. The cultural assets of poor nations are being exported to rich nations. Examples to the contrary do not exist”.

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Mississippi Supreme Court Rules No Sales Tax On Wedding Digital Photo Packages

Mississippi Supreme Court Rules No Sales Tax On Wedding Digital Photo Packages

And the undisputed facts show EKB’s customers did not receive Burton’s photographs in tangible form—they did not receive printed photographs, negatives, or film. Instead, they receive purely digital images. The tangible drive or disk is incidental to the nontaxable photography service being provided, much like the paper on which a lawyer prints a will, which is not subject to sales tax. 

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Fake News In The Tax Arena

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..

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Opportunity Zone Ponzi Promoter Sentenced To Four Years

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.

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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. 

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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.

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Tax Court Upholds $70,000 In Frivolous Return Penalties

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

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Church State Tax Roundup With Emphasis On Parsonage Issue

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

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