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Congress To IRS – Hands Off The President’s Favorite Charitable Tax Dodge
A small group of promoters are offering packaged conservation easements. I have not seen any of their presentations, but someone who has tells me that they are very slick. They might promise tax deductions as much as 250% or more of the amount invested. Bradford Updike, an attorney, is the only person I have spoken with who thinks it is possible for these things to be legitimate. He wrote Conservation Easements: The Federal Tax Rules And Special Considerations Applicable To Syndicated Transactions.
Theodore Valentine’s Hovind Documentary – Reactions
When Independent Baptist minister, young earth creationist, convicted felon Kent Hovind (Doctor Dino) was nearing the end of a long prison sentence for tax related...
IRA Withdrawal Penalty A Cost Of Do-It-Yourself Divorce
A couple of months later the court entered a consent decree for the dissolution of the marriage incorporating the agreements that Robin and Terry had made. Since the IRA account had been cleaned out there was no mention of it. Robin reported the $17,378 on his return but did not report any “additional tax” on line 58. The custodian of course had ratted him out, by sending 1099 to the IRS with “early distribution, no known exception” indicated.
Billionaire Bruins Owner Beats IRS On Tax Deductions For Away Game Meals
Since the whole away team crew is away from its business home, the IRS does not question that the meals are deductible. Generally, though, the deduction for meals is limited to 50% (Code Section 274(n)). There are exceptions. There were two that the Bruins owners argued they qualified for. One was that the meals were a “de minimis” fringe benefit and the other was that they were an expense of entertainment sold to customers. The first excuse turned out to be good enough, so the Tax Court did not discuss the second one.
It might seem odd, but a footnote indicates that the IRS was not proposing an adjustment with respect to meals provided to players and staff in TD Gardens in Boston, but that is the key to the controversy.
In order to qualify as de minimis fringe benefits the meals must be provided in a non-discriminatory manner. There did not seem to be any issue about that. The more challenging requirement is that the meals be provided at a facility owned or leased by the employer located on or near the business premises of the employer. That’s why there was no question about meals provided for home games
Scholar Goes To Rest With Margaret Fuller
Some stuff you just can't make up and the final chapter, perhaps the epilogue, in the life of Marie Olesen Urbanski Whittaker is like that. This being my blog and all,...
Kent Hovind Update – Waiting For Theo’s Other Shoe To Drop
This post is written with the assumption that the reader has some familiarity with the trials and tribulations of Independent Baptist Minister, young earth creationist,...
Brookings Institution Takes On Biggest Charitable Tax Break Used By President Trump
A small point on that might be that you really can’t call a deduction cost-effective if the Joint Committee isn’t even scoring it. The fundamental problem with the deduction is that it is something of a free lunch and that there will be a natural tendency for a race to the bottom when it comes to appraisal quality.
On the other hand, I love what the land trusts are doing and as long as the IRS is underfunded, the scoundrels will be able to find a weak point in the system somewhere.
Beware Of Disability Income Tax Traps
The practical takeaway from this discussion is that if you have the prospect of receiving disability income, be sure to consider the tax effects of the different choices you make. A few extra dollars from SSDI might end up putting you in a net negative situation. The tax rules here kind of scream for simplification, but I have not seen any reform proposals being floated sticking you with Reilly’s First Law of Tax Planning. It is what it is. Deal with it.
Address On Federal Return Creates State Income Tax Problem
You are always a resident of the state where you are domiciled even if you spend no time at all there in a given year. I constructed a hypothetical fellow called Harry Hedgefund. He is a dealmeister with offices in Manhattan and Boston. He has apartments in Greenwich Village and the South End, where his mistresses live. And he has a monstrous house in Alpine, NJ where his family lives. That means he is domiciled in New Jersey, but there are many days where he is in New York in the morning and Massachusetts in the evening making him a statutory resident of both states.
Tax Rate Of 137% On Net Disability Settlement
We don’t know how Mr. Nordloh actually made out on his 2011 refund claim, so we can’t determine how much he was net out of pocket. It is worth noting that the CPA computation was $5,169. That was on a net from the settlement of $3,771. That works out to a federal income tax rate of 137%. Congress should really do something about this, but I am not holding my breath. I’ve seen worse.
The other thing that is absurd about this case is the way the IRS vigorously went after the accuracy penalty. The Enrolled Agent, the IRS and the CPA came up with three different answers and then the IRS came up with a fourth answer. And the IRS wants to charge an accuracy penalty. Go figure.