Most Recent Posts
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.
Tax Court Swamped By Flood Of Petitions
If you are currently being audited and the agent wants you to extend the statute of limitations, consider telling them to pound sand (in a nice way) and be prepared to file a Tax Court petition in the event they forge ahead with a notice of deficiency.
Michael Jackson Case Could Support Income Tax Savings
And this is where the opportunity for shenanigans might arise. If the heirs donate the image and likeness to an appropriate charity which will commit to making sure it is not sullied, they might be able to find an appraiser who will be able to construct a narrative that yields significant value. Since the plan will never be executed you can’t say that it would not work.
Top Crime Writer Cannot Avoid SE Tax On Book Royalties
Karin Slaughter is a very successful writer of crime thrillers. Between her Grant County series and Will Trent series and some stand alone works she has twenty one novels, starting with Blindsighted in 2001. According to her website people have bought over 35 million copies of her books which have been published in 120 countries.
Kent Hovind’s Me Too Moment
When it comes to real estate California is different from Alabama. Cindi was going to buy multiple properties to replace the income from the California property. She already had $700 per month and needed another $1,300 per month. Why not put an additional $133,000 into the ministry in exchange for an annuity of $1,300 per month?
A Look At The Opinion On Releasing Trump Tax Returns
I really hope that they don’t decide to make a substantial batch of complete Trump returns public. Based on what I think I know about the way the Trump Organization is structured – hundreds of disregarded entities – the returns likely run into thousands of pages. I would then have to choose between going through them or feeling bad about myself.
When A Relative’s Wages Become Ineligible For The ERC
It may be simple to understand who is a relative of a greater-than-50% owner, but it is often complex to determine who are greater-than-50% owners themselves. Advisers should gather information on all related entities and related individuals to make a full analysis of ownership attribution. Ultimately, a relative of any owner can be at risk ERC wage disqualification.
When Owner Wages Become Ineligible For The ERC
Family attribution of ownership produces unfavorable results by generally disqualifying more wages for the purposes of the ERC. Advisers and taxpayers should take a close look at these rules before claiming the recently expanded benefits of ERC.
TOT Property Holdings Highlights Fundamental Flaw In Conservation Syndications
As I have noted elsewhere SCE is an industry based on nonsense. Investors buy into a partnership that has recently acquired a property. They then vote to donate an easement on the property to a land trust. The declared value of the easement is a multiple of the price paid for the entire property.
CPAs Should Steer Clear Of Syndicated Conservation Easements
There are twelve investment vehicles mentioned in the indictment. They have names like Inland Capital Investment Fund 2014, Coastal Property Holdings and Eastern Sierra Holdings 2018. Easements on 8,236 acres yielded charitable contributions of $956 million. That works out to $116,076 per acre. Assuming a 37% rate the tax subsidy for the easements would be just shy of 43,000 per acre if the deductions held up.