Most Recent Posts
Major Tax Software Vendor Crashes On Important Due Date
There are three things that are bad about being a day late. The first is that it upsets the clients regardless of any practical impact.
The second is that the penalty for being late with a flow-thorough return is pretty nasty. $205 per month (or part of month) per shareholder or partner. In my career, I have worked on returns with as many as 400 partners. Eighty grand for a day late. That is nasty.
And then there is the matter of elections. No not that election. I know we are having the most divisive presidential election since 1876, if not 1860, God forbid. The elections I am referring to go in with tax returns.
There are a host of possible elections. For example Code Section 248 allows for the expensing of $5,000 of organization costs. That election, like many, includes the requirement:
The Skinny On The Failed Senate Skinny Bill
The Continuing Paycheck Protection Program Act starts on Page 73. The curious incident there is that there is no mention of the IRS position that made the income exclusion of PPP pointless. That is probably the biggest concern of accountants, besides getting stiffed by the banks, which also goes unmentioned.
NonSequitur Show – Object Lesson In Business Formation
The most extraordinary thing about this controversy is the amount of coverage it has generated on Youtube. I tried to compile a comprehensive collection of videos. I identified 65 videos on 22 different channels with a total of 93 hours and 204,724 views. I know my list is not complete because a more curated compilation by Cheshire Viq includes many videos I did not catch. (Note many of the YouTubers involved in and following this story, unlike Steve McRae and Kyle Curtis, use a handle or perhaps a nom de guerre which I will indicate by using italics).
This is a dispute between two guys about how to split up fifty grand that they made over two years. Never in the course of human history have so many said so much about so little. I think there is a critical mass sort of thing that is going on, because much of the material, which I have only sampled, is people talking about what other people have said and why they are right or wrong. Steve and Kyle in their bickering have set off a sort of Youtube chain reaction that appears to be self-sustaining.
Handling Your Money When You’re Unemployed Takes Work
Learn how to budget, which starts with calculating your monthly expenses. You’ll need to separate these into two categories: needs and wants. Needs include things like your mortgage and food. Your wants are the extras that make life a bit happier, like premium cable service or a morning latte. When you know what you spend, it’s time to see how much money you have coming in and what you can realistically afford. You may have to cut out some of the wants and adjust how you manage your needs, but having a grip on this early is the best way to make what money you have left work for you.
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.