Most Recent Posts
Who’s Afraid Of Bank Reporting To IRS?
There is grounds to be skeptical that the IRS will get much out of the new information source. In 2018 TIGTA reported that IRS was not taking advantage of currency reports generated under the terms of the oxymoronic Bank Secrecy Act.
Part Of Build Back Better Could Be Disaster For Trust Owned Life Insurance
Take the case of an ILIT that is meant to take care of a special needs child after the parents are gone. It is funded by a second to die life insurance policy. If the second to die parent is leaving a nice house and some left over retirement funds, they might be close to or slightly whatever is then the federal threshold. Pulling in a big piece of the special needs trust would be nasty
Kent Hovind Half Billion $ Lawsuit Ends As He Faces Domestic Assault Charge
When people get together to serve a higher purpose and are living together 24/7, they can get on one another’s nerves. As Abigal Megginson remarked from her visit in 2018 “It’s not all rainbows and dinosaurs”.
S Corp To Partnership Conversion Under Build Back Better
If you and your sibling start a business with capital contributions, run it without debt, and don’t have other owners coming and going, there is a good chance that your individual returns will work out roughly the same whether the partnership or the S corporation form is used. That is until one of you wants to be redeemed or, you know, dies while the other continues on.
Time To Change Your Estate Plan – Again
I sometimes think that the estate and gift tax system is actually a white collar jobs program for college graduates not quite smart enough to become physicians or engineers. It redistributes wealth from the upper class to the upper middle class. Too bad this is going to ruin the holidays for them.
House Tax Bill Would Help Not For Profit Sponsors Of Low Income Housing Partnerships
What the legislation is doing is saying that a Section 42 ROFR was never a common law ROFR. And to be fair that is what a lot of people assumed. Federal courts, so far, have not agreed. But now maybe Congress is setting them straight on what it really meant over thirty years ago.
Crackdown On Abusive Conservation Deductions Included In New Tax Legislation
This statement that “the owner can deduct the difference between the “value of the land if developed” and its value sans development” is false, dangerously misleading, and represents the underlying source of abusive, overvalued conservation easements.
Trying To Get IRS To Shut Up About Conservation Easement Litigation
For purposes of section 6103 of the Code, a disclosure that does not name Mr. Clark still identifies him if it contains information that, combined with other information available at the time of the disclosure or that becomes available subsequently, permits persons generally knowledgeable with the relevant transactions and industry to identify Mr. Clark.
IRS Hangs Tough On Conservation Easements
What would be really equitable would be for the IRS to allow donors and land trusts to retroactively fix documents that fail the requirement. The abusive syndicated conservations easements deserve to be crushed, but it should not be at the expense of legitimate deals.
Did IRS Robots Cause The Tax Court Petition Flood?
The part of the problem that is most apparent to me is the IRS computers continue to issue CP series notices and more when the answer to their issues is somewhere in the great warehouse of unopened mail. Documentation. Amended returns. And on and on.