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NonSequitur Litigation – Possible Tax Outcomes
It is a reasonable inference that there was never a bank account associated with a joint effort, so I further infer that whatever money came from YouTube, Patreon etc. ended up running through Kyle’s accounts. In the financial information that was provided in compliance to the order from the default judgment there is a month by month income statement, but no statement of cash flows. It includes an accrual to Kyle of $120 per show for his services. Agrippa who aided in putting the numbers together clearly confirmed by Agrippa that the $120 per show charge was something after the fact that was not agreed to. I don’t think it stands up very well.
Syndication Of Conservation Tax Deductions – Why We Can’t Have Nice Things
Originally published on Forbes.com. The Senate Finance Committee report- Syndicated Conservation-Easement Transactions - released on August 25 is very heartening. It...
First Surrender In IRS War On Abusive Conservation Deductions
I spoke with Bill Clabough, executive director of Foothills. He was somewhat diffident about my enthusiasm for East Tennessee’s Union leaning. Tennessee is known as the Volunteer State, but the reference is to either the Mexican War or the War of 1812, not the Late Unpleasantness.
He and I had discussed the beautiful property before and he assured me that the elk and the deer and the wild turkeys are undisturbed by the outcome of the litigation. They remain protected. Mr. Clabough had invited me to visit the property on my tour of the country, but that got a little disrupted by Covid-19. He assured me that my concern about unexploded ordnance from the property’s use as an artillery range during World War II was misguided.
Paycheck Protection Fraud Is Massive And Unsurprising
Originally published on Forbes.com. The Paycheck Protection Program has been something of a whirlwind as hundreds of billions were quickly shoveled out. Thousands of...
Preparing For The McRae Curtis Service Showdown On September 11
Based on Steve’s references, Kyle would appear to have made admissions against interest that could result in his motion to vacate the default judgment to be denied, but appearances may be deceptive and Steve may be trying to capitalize on appearances instead of the facts.
As I understand it, at the time indicated in the references, Kyle was not represented by counsel and has no particular legal expertise. I cannot tell that the defective “service” issue had even been raised by Kyle; perhaps because of his inability to properly evaluate his legal standing.
Kyle is now represented by Counsel and the first order of business has been to resolve the “service” issue on which the default judgment will either stand or fall.
Ultimately, it appears to me that the issue will hinge on whether or not Kyle’s dwelling and usual place of abode with at his mother’s residence. If so, it would be uncontested that “service” was effective.
Conservation Easement Tax Deduction Coverage Round Up
The Senate Finance Committee report on syndicated conservation easement transactions released on August 25, 2020, is a dramatic development. I have been covering conservation easement tax deductions for nearly a decade and think that a summary of that coverage might be timely. Articles are in reverse chronological order with brief explanations where the title is not self-explanatory.
IRS Carves Back TCJA Inventory Relief
The Tax Cuts And Jobs Act created an exemption from keeping inventories for “certain small businesses” that are not tax shelters.
There were three ways out. One was to treat the inventory as “non-incidental materials and supplies”. The next was to treat the goods in the same way as you treated them on an “applicable financial statement”. The third option, for those who did not have an applicable financial statement, was to conform with “books and records of the taxpayer prepared in accordance with the taxpayer’s accounting procedures” (BRAP).
Dealing With Debt Stress
Have you ever thought about how to manage your unexpected expenses and sudden emergencies when they appear before you? Well, your answer is hidden in the ‘Emergency Fund’.
The ‘Emergency Fund’ can act as your first line of defense and can cover all your sudden financial emergencies. First, try to save $500 to $1000 in your emergency fund. Later, try to save 3 months to 6 months’ salary in your emergency fund. With an emergency fund in hand, you don’t have to take too much stress about your money and debt repayment.
An Accountant Looks At The Non Sequitur Lawsuit – The $65,000 Question
There is nothing that odd or unusual in the conflict that Steve McRae and Kyle Davis are having over the Non Sequitur Show. What is a little unusual is that they are actively litigating given the relatively small stakes, but given how stubborn people can be it is not that unusual. What is very unusual is that they seem to have gotten thousands of people interested in their dispute and that they are playing it out in such a public manner. If you go with the theory that there is no such thing as bad publicity and they are in an industry that thrives on views, that peculiarity might be a feature rather than a bug.
If this sort of dispute were going on in an accounting firm or a law firm or a medical practice, it would be kept out of view if at all possible. And as it happens, this sort of dispute goes on all the time in those and all sorts of other businesses. One of the things that will prevent it from killing the entity is that the players have too much to lose if the entity collapses.
IRS Veteran Insists That IRS Is Missing Billions In Real Estate Gains
Working with a computer expert, Jerry designed an algorithm. The algorithm would look for partnerships with large deficit capital accounts. He was in the big time in Washington so it was a big cutoff. He put out $50 million as the threshold.
And then he traced them into the next year. What he found was that some of them disappeared. There was no final return recognizing gain to bring the deficit up to zero, which is what most practical accountants think is supposed to happen.