Most Recent Posts
IRS Collections Appears To Be Broken
At the end of the 2019 Fiscal Year there 74,369 people working for the IRS. That compares to 94,711 in 2010. In 1995 there were 113,643. That is why liens and levies are down and waiting out the ten year statute is now a viable strategy.
Congressional Democrats Want It Made Clear That Insurrection Is Not A Tax Exempt Activity
The guidance should clarify what specific actions and conduct are not permissible by a tax-exempt organization in support of an attack on the Capitol or any Federal or state persons or buildings.
National Housing Trust Responds To Housing Credit Right Of First Refusal Litigation
The National Housing Trust and our mission-driven partners intend to challenge “Aggregators” like Alden Torch, which seek windfall returns by demanding the payment of money from the general partner — either from its balance sheet or from the property’s reserves — or to insist the property be sold, stripping resources out of the property and the community. We will fight this battle with every tool available,
After The Low Income Housing Tax Credits Are Done, Investors Want More
By the end of the Compliance Period, the project owner will have collected all of the Tax Credits, and other tax benefits, and is clear of any risk of recapture, thereby providing the investor limited partner or member with full realization of the economic benefits it bargained for and expected when negotiating admission to the project owner.
New Class Action Suit Against Conservation Easement Promoters
The key is to have one or more principal actor defendants who have deep pockets and, at the end of the day, will be concerned that there is some litigation risk that the jury may put the actions on a continuum and decide the case relatively. Sure the taxpayer investors were greedy and should have smelled a rat, but we (the jury) are still going to punish the rat who is the worse actor.
If You Need Free In Depth Tax Advice Then I’m A Stripper Not An Accountant
This is original YTMP material by Peter J. Reilly. A friend of mine who is on the young side for a Millennial, but whose job keeps them in touch with Gen Z has alerted...
Kent Hovind Spreads Lie About Dominion To Support His Pardon Claim
Kent continues asking President Trump to grant a pardon before he leaves – “He may not be leaving”. That leads right into a discussion of Dominion Voting “changing the way people vote”. For what it is worth the Dominion logo Hovind shows is not what is on Dominion’s site. Hovind shows a logo of a red ballot going in and a blue ballot going out.
Accountants Plead Guilty On $1.2 Billion In Bad Charitable Deductions
In an interesting note Commissioner Rettig, US Attorney Murray and Deputy Assistant AG Zuckerman thanked special agents of both IRS-Criminal Investigation and US Postal Inspection Service. Many years ago an old timer told me that it was actually Postal Inspectors on loan who got Al Capone. There is something to the story.
Roots Of The 250% Solution To Charitable Easement Tax Abuse
The 2.5 limit knocks out the most egregious abuse, but it still strikes me as overly generous. If I was going to put in a limit it would probably be 90% on a three year hold and gradually rise. Remember the deduction is for an easement on the property. And unless you drink the Kool-Aid mixed by Partnership For Conservation (P4C), as easement can’t be worth more than the property itself.
Oakbrook Land Holdings A Major 2020 Tax Court Decision
The conservation deed was problematic for two reasons. It took the value of any subsequent improvements off the top of any extinguishment proceeds and it gave the donee the fixed amount determined at the time of donation.