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Most taxpayers opt to hire professionals to prepare their tax returns. Tax professionals understand the complexities of deductions, credits, and reporting requirements that can overwhelm even sophisticated business owners and investors. Once the tax returns are filed and a few years pass without incident, most taxpayers reasonably assume those tax years are closed forever. But……
Tax Articles
What Makes a Partnership Transaction a Disguised Sale?
You own a depreciated asset or an asset that has gone down in value. It happens. But say you cannot take advantage of the tax loss for some reason. Maybe it is because you don’t have other Income triggering a tax that year or maybe there is a limitation on the use of the loss……
Do Assets Disqualify You from Currently Not Collectible Status?
Let’s say you have some assets, but you are not rich. What you have is a smattering of things that are, well, honestly, not worth that much. Maybe it is a house with a mortgage that needs a lot of repairs. Maybe it is a small retirement account that was left over from a prior……
Can the IRS Disclosure Your Tax Info in Cases Agains Other Taxpayers?
You cooperate with an IRS audit. You provide detailed financial records. You answer questions about your business. Years later, you discover the IRS is using your information in cases against other taxpayers. The IRS is sharing details about your business location, your EIN, even the fact you’re under investigation for a tax promoter penalty. Is……
When Are Attorney’s Fees From a Settlement Deductible?
The employer-employee relationship can often lead to disputes. These disputes are often settled out of court. Whether it’s a wrongful termination claim, a defamation lawsuit, or other employment-related litigation, these settlements often involve significant attorney’s fees. The taxpayer receives a settlement check, but a substantial portion goes directly to their legal counsel under a contingency……
Does DOJ Referral Strip IRS of Power to Process Refund Claim?
You think the IRS owes you a refund. You file a refund claim. The IRS eventually processes your refund, but does not issue checks to refund the money to you. You later find out that the IRS had referred the matter to the Department of Justice–maybe you find out years later even. Can the simple……
Does IRS Guidance Have an Expiration Date?
Food goes bad. Medications, skincare products, and batteries all expire. But what about IRS’s written guidance? Can IRS guidance go bad? What if it is guidance for a particular taxpayer and about a specific transaction or seires of transactions? What happens when tax laws change after the IRS has issued its determination? Can businesses continue……
When Can the IRS Levy Church Assets as “Nominee” Property?
Religious organizations and churches often own property and bank accounts that support their mission and operations. Sometimes, these assets are also used to benefit the organization’s leaders personally. This begs the question, can the IRS collect on the religious organization or church’s assets for the individuals tax debt? Can the IRS use the “nominee” rules……
Captive Insurance Tax Deductions Denied, No Risk Distribution
Insurance premiums go up and then they go up some more. The amounts can be substantial. This is particularly true for businesses that offer insurance to employees or that insure more types of risks. And many business owners note that while they pay substantial insurance premiums, the insurance companies often do not have high payouts.……
Court Limits Equitable Tolling For Late Tax Court Petitions
We live in a fast-paced world where technology has made it possible to do more, see more, and accomplish everything else more efficiently. While some routines of life have not changed, most have been transformed by our increasingly connected environment. For better or worse, one thing that has not changed is the concept of deadlines,……
