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If you find yourself without a job or facing unemployment, one of the options you might consider is taking a distribution from your retirement account. This is especially true if you are disabled and need the income to pay for your living costs or even your medical care. These distributions often result in additional Federal……
Tax Articles
About the Monetized Installment Sale
The monetized installment sale is a tax strategy that allows a party to sell an appreciated asset while deferring capital gains tax for an extended period of time and receiving a significant portion of the sale proceeds in cash. The strategy involves the use of an installment sale and a monetization loan, which allows the……
Tax on Employer-Provided Lodging
Did you know that as an employee, you may be able to exclude the value of lodging provided by your employer from your income taxes? According to Sec. 119 of the Internal Revenue Code, there are certain conditions that must be met in order for an employee to exclude employer-provided housing costs from their income.……
The Premium Tax Credit Trap
In an effort to reform health insurance, the government implemented a system where it would make payments directly to insurance companies on behalf of taxpayers through the use of premium tax credits. These credits were a part of the Affordable Care Act and intended to make health insurance more affordable for those who might not……
The Crime-Fraud Exception to the Attorney-Client Privilege
Our laws protect certain communications. This includes communications with doctors, religious advisors, spouses, and even attorneys. When it comes to Federal tax matters, communications with tax attorneys are usually at the forefront. The IRS often seeks information about these communications to help it figure out how the taxpayer structured their affairs. The attorney-client privilege is……
Late-Filed Tax Returns & Excess Collections
Life happens. We all experience it. There are times when life events can result in tax returns being filed late. Our tax laws offer little in way of leniency when this happens. The IRS will assess late filing penalties. Worse yet, amounts that were already timely paid to the IRS may not be refunded to……
S Corporation: Distribution of Appreciated Assets
Those who set up S corporations usually do so as their accountant told them that it could save taxes. This is often true. The S corporation can result in tax savings. This may include the standard reduction in self-employment/payroll taxes or, for more advanced tax planning, income taxes. The ability to freeze the value of……
Producing Tax Records on the Day of Trial
If you are litigating a case with the IRS in the U.S. Tax Court, can you fail to produce records and then show up with them for the first time on the day of trial? The answer to this question is a clear “no” in most courts as this type of conduct is unfair to……
Pay IRS Estimated Tax Prior to Filing Bankruptcy
Taxes incurred just prior to filing bankruptcy are not dischargeable in bankruptcy. The debtor will have to pay these taxes or work out a collection alternative with the IRS for these taxes. This raises the question as to whether a debtor can basically pay the IRS estimated payments to satisfy their income taxes for the……
Court Says IRS Issuing Six Summonses is Not Bad Faith
The IRS has a lot of power. This power stems from the broad Congressional grant of authority to examine books and records to enforce our tax laws. Since taxes impact every individual and business for every transaction (and even inactions), this allows the IRS to audit and inquire into just about anything it wants to.……
