Most Recent Posts
Donald Trump’s 1995 Return: What The New York Times Missed
Nobody thinks that Trump started with $916 million which he expended on deductible items to create a loss. He did it with other people’s money – debt. The thing about debt is that you might have to earn money to pay it back in which case you have taxable income without cash flow. Those of us who lived through that era remember well the pain of clients dealing with the burned-out tax shelters that had gone through the dreaded cross over. There were three ways out of a burned-out tax shelter. One was this complex maneuver with grantor trusts that did not actually work. The other two which did work were to give it to your wife and divorce her or die.
The Most Important Thing To Remember This Election
I just saw the movie Sully and I really liked it. In those based on a true story films I always like to check what is, at least officially the real story and Sully...
Lawyer Subject To Injunction Defends Timeshare Charitable Deduction Appraisals
Now I enjoy being invited to spend three days at a really nice resort for short money. Unlike most normal people I enjoy the required sales presentation. I feel like I am inside Glengarry Glen Ross talking to somebody who just heard Alec Baldwin’s “Always be closing” speech (I’m not giving you a link, because, you know, language. You can find it.) And I sit and listen to somebody who works for a prestigious brand try to sell me something that is worth maybe $4,000 on the secondary market, if that, for $30,000.
IRS Private Collection Program Is Fundamentally Flawed
Unlike the last time this was tried, the scammers who have rushed into the vacuum created by the erosion of the IRS collection division have created an environment in which it is assumed by many, quite rightly, that a phone call about a purported tax liability is not legitimate. This will probably hamper the collection agencies in being taken seriously. Somebody with the sophistication to conclude that the company is legitimate might also calculate that there is really no percentage in dealing with them. The best deal they can approve is a full pay five-year installment plan and they can’t do any of the nasty things that actual IRS employees can do.
I’m thinking that if I was John Koskinen, that I would send out a mailing to everybody about to be turned over to private collection offering them a 20% discount if they pay in full within 45 days. There’s probably a hundred technical reasons why they wouldn’t work, but it would bring in the low hanging fruit and make the private collectors have to work for their money.
IRS Announces Private Collection Firms – They Start In The Spring
Now that this is starting to look real, I’m going to have to study what the real powers of the collection agents will be. If they can’t issue liens and levies and the like, it may be that people can tell them to go pound sand and wait for the case to be kicked back to somebody who can do something before the ten-year clock runs out. On the other hand, if they can approve expedited offers in compromise, it might be worthwhile dealing with them. We’ll see.
The Xavier Stories – A Roundup
In anticipation of the finale of the series on my high school I have decided to organize the Xavier High School material up till this point. Not all of it is part of...
The Xavier Regiment – Back To The Future
In the last couple of years I have been sporadically haunted by memories of my somewhat peculiar high school days. Xavier High School at 30 West 16th Street in...
Does IRS Exelon Win Threaten Triple Net 1031 Deals?
Here is the problem they faced. In order for the economics of this deal, other than tax benefits, to work there did not have to be an actual power plant involved. After all, Unicom is getting 77% of the money back in six months and there is an insurance company guaranteeing that they will get more than 100% of the money in a little over thirty years and probably not by coincidence the timing is such that they could defer the back end money with another 1031 deal.
Jill Stein Puts Financial Transactions Tax Front And Center At Northampton Church
The only part of the tax program that she mentioned is a financial transactions tax, which she characterized as making Wall Street pay a sales tax. A “tiny tax” of 50 basis points would pay for free college education for everybody. Much of the rest of the program would be financed by cutting the defense budget in half. With the Green New Deal making us 100% renewable, there will not have to be any wars for oil.
So that’s the first tax story from the event. The financial transactions tax is front and center on the Green agenda.
A Unitarian Universalist Sends Rudy Davis Seven Principles And Six Sources
When Kent Hovind was facing a new trial in 2015, I dubbed the ragtag group that came out to support him the Hovindicators. The most visible was Rudy Davis, who turned...