David Gair

David Gair

Gray Reed & McGraw, P.C.

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What You Need To Prove – Deducting Travel Expenses

All too often, people don’t keep adequate records to demonstrate they are entitled to deduct travel expenses. The general rule from the Supreme Court is that deductions are a matter of legislative grace, and taxpayers...more

10/31/2014 - Tax Deductions Travel Travel Expenses

“The Situtation” for Sorrentinos Getting Worse With Social Media

As many have heard recently, Michael Sorrentino (of MTV’s “Jersey Shore” fame) and his brother Marc were indicted for tax crimes in New Jersey and made their initial appearance in court last week. At this point, no one...more

9/30/2014 - Income Taxes Tax Evasion Tax Returns

Does Filing for Bankruptcy Really Give You Tax Relief?

When times get desperate and tax liabilities pile up – filing for bankruptcy is an option many people consider. Taxes are “dischargable” in bankruptcy, but there are important rules you need to know....more

9/2/2014 - Consumer Bankruptcy Income Taxes

Requirements for Alimony – Can it be a good thing?

Divorce is messy, divorce is costly – and it should be avoided wherever possible. Spouses should always attempt to mitigate their losses and one way to do this is to consider designing the divorce settlement to include...more

8/12/2014 - Alimony Divorce

IRS Takes Money From Dead Mom to Pay For Son’s Tax Debt

Most people have some strong feelings about how they want their assets to be distributed upon their death. Some want to give their money to their kids, others are charitably inclined. However, I would guess that very few...more

7/31/2014 - Beneficiaries IRS Tax Liens

Is the Internal Revenue Service Lying?

Do you remember the controversy where the IRS was accused of targeting and unfairly auditing the Tea Party? In an article Sunday from CNN’s Political Ticker by Sara Fischer, the IRS has claimed that it is unable to...more

6/17/2014 - Audits Email IRS Tea Party

Do we really have a “Taxpayer Bill of Rights”?

The IRS announced the adoption of a “Taxpayer Bill of Rights” Tuesday. I have listed the rights below along with my commentary. Just like our U.S. Constitutional Rights, these “rights” are and will be watered down....more

6/12/2014 - Income Taxes IRS Taxpayers' Bill of Rights

Tax And Business Planning For Farmers To Avoid Higher Taxes And Loss Of Subsidies

The Agricultural Act of 2014 (aka - the 2014 Farm Bill) has been controversial, to say the least. Among its many changes are an $8 billion cut to the “food stamp” program. The Farm Bill also drastically modifies or ends...more

5/15/2014 - Adjusted Gross Income C-Corporation Estate Tax Farm Bill Limited Liability Companies Partnerships S-Corporation Subsidies Tax Exemptions Tax Planning

Application For Tax Exempt Status To Be Eased By IRS – Except For The Tea Party

In 2013, the IRS revealed that it had selected ”social welfare” groups (like the Tea Party) applying for tax-exempt status for closer scrutiny. That investigation is still ongoing and it has given the IRS a black eye....more

4/24/2014 - Exempt Organizations IRS Tax Exemptions

New Guidance From IRS On At-Risk Rules For LLC Member Guarantees

The IRS recently released a chief counsel memorandum AM2014-003 on LLC Member Guarantees of LLC Debt and “Qualified Nonrecourse Financing.” These memorandums are very helpful because they provide the IRS’ interpretation of...more

4/17/2014 - Corporate Taxes IRS LLC Non-Recourse Loan

IRS Makes Bitcoins A Tax Headache

The IRS just published Notice 2014-21 which explains the IRS’ vision on how general tax principals apply to “virtual currency” transactions like Bitcoin....more

3/27/2014 - Bitcoins IRS Property Tax Virtual Currency

First Lady Of Tax Fraud

The IRS just issued its Criminal Investigation Annual Report. Budget constraints caused the staffing of Special Agents to drop to the lowest numbers in recent history, but 2013 included a 12.5 percent increase in...more

2/26/2014 - Income Taxes IRS Tax Evasion Tax Fraud

Once You Start Bribing – I Guess It Is Hard To Stop

News came out last week that chiropractor Stephen Jacobs of Lowell, MA is in hot water with the feds. Dr. Jacobs allegedly paid an IRS auditor $5,000 in cash to ignore two deductions he improperly took on this 2011 income...more

2/21/2014 - Auditors Bribery Corruption Fraud Tax Evasion White Collar Crimes

Gentleman’s Club Owner Hit With Fraud Penalty

A new Tax Court decision just came out – Potter v. Commissioner, TC Memo 2014-18. The case involved a “gentleman’s club” owner in Michigan. In December 2006 IRS special agents engaged in an undercover investigation of...more

2/10/2014 - Adult Entertainment Financial Reporting Fraud IRS Tax Fraud Tax Penalties

Crowdfunding And Taxes In Kickstarter: Everybody Wants Their Share

The Crowdfunding movement has moved from an internet e-commerce buzz word to an actual viable way for everyone from the smallest of artists to high profile actors to get funding for a project that otherwise wouldn’t happen. ...more

1/21/2014 - Crowdfunding Income Taxes Kickstarter Startups

How To Choose A Tax Return Preparer? Watch Out For Fraud

It is tax season and it is time to think about getting your taxes done. This time of year is filled will angst for most people....more

1/3/2014 - Fraud Tax Preparers

Tax Exemption For Ministers Unconstitutional?

The Western District of Wisconsin recently issued a decision that makes the parsonage exemption unconstitutional as a violation of the Establishment Clause of the US Constitution. This ruling is controversial and hotly...more

11/29/2013 - Establishment Clause First Amendment Parsonage Exemption Religious Institutions Tax Exemptions

Qualified Domestic Relations Orders: Little-Known Issues Involving Dividend Pass-Through Elections And Same-Sex Spouses

As most family law practitioners are aware, ERISA and the Internal Revenue Code (“IRC”) do not permit a participant in a retirement plan to assign or alienate his/her interest in that plan to another person. These rules are...more

11/21/2013 - ERISA QDRO Retirement Plan Same-Sex Marriage

Expansion Of IRS Innocent Spouse Relief

On September 13th the IRS issued a new revenue procedure that significantly changes equitable innocent spouse relief. I have excerpted part of the article which discusses the significant changes. Originally...more

11/14/2013 - IRS Spousal Tax Relief

Cuban Beats SEC, But Can He Deduct His $8 Million In Attorney Fees?

Dallas Mavericks team owner Mark Cuban had a big victory here in Dallas Wednesday. He was cleared of all charges of insider trading....more

10/18/2013 - Attorney's Fees Deductions Football SEC

Solution To The “Obamacare” Fiasco?

One of the main complaints about the Affordable Care Act, or Obamacare is it is bad for business. The cost of requiring health insurance is just too high, and will lead to businesses either 1) shutting down or 2) never...more

10/10/2013 - Affordable Care Act Healthcare Premiums Tax Deductions

Breaking Bad And Tax Planning?

In last Sunday’s final episode of “Breaking Bad”, Walter White broke into his former business partner’s house (Elliot and wife Gretchen). Reason? To give them close to a million dollars in cash so they would set up a...more

10/1/2013 - Estate Planning Gift-Tax Exemption Tax Planning Trusts

Part Two – Could “Johnny Football” Go To Jail?

“Johnny Football” Manziel had an amazing game against Alabama this past weekend. There is no doubt he is one of the greatest ever to play college football....more

9/18/2013 - Athletes Football Sports Students

Could Johnny Football Go To Jail?

ESPN reported in August that Heisman Trophy winner Johnny Manziel “…agreed to sign memorabilia in exchange for a five-figure flat fee during his trip to Miami for the Discover BCS National Championship.” Of course the...more

9/12/2013 - Athletes ESPN NCAA Students

IRS Announces That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes

The IRS issued a press release today that is significant for same sex spouses. The changes are discussed more fully in Rev. Proc. 2013-17 and generally reflect the holding in the Supreme Court’s decision in U.S. v....more

8/30/2013 - DOMA Income Taxes IRS Marriage Same-Sex Marriage SCOTUS US v Windsor

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