David Gair

David Gair

Gray Reed & McGraw, P.C.

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Latest Publications


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

Are You A Small Business? You Need To Take Advantage Of The Small Business Heath Care Credit

Whether Obamacare is good or not remains to be seen. To lessen the pain for small employers, the IRS does provide for a small business health care credit. If you are a small business you should take advantage. ...more

8/27/2013 - Affordable Care Act Healthcare IRS Small Business Tax Credits

Volunteerism, Charity And Tax Breaks

This past weekend there was a great 60 Minutes segment on Microsoft founder Bill Gates....more

8/1/2013 - Bill Gates Charitable Deductions Charitable Donations Tax Deductions Volunteers

Avoiding Double Payroll Tax With Your Asset Acquisition

When it comes to taxes, you would probably – and rightfully – guess that the majority the United States government collects are income taxes. ...more

7/19/2013 - Acquisitions FICA Taxes Income Taxes Medicare Payroll Taxes Social Security

What Is The “Alternative Minimum Tax” In A Nutshell?

It can come as quite a shock at tax time when you find out that you have been hit with the “alternative minimum tax.”...more

7/15/2013 - Alternative Minimum Tax Income Taxes

Are You Required To File An Income Tax Return? Myths Of Unconstitutionality Debunked.

It has been said that in life two things are certain, death and taxes. However, some people hope they can protest their way out of one of those certainties....more

7/9/2013 - Article I Frivolous Lawsuits Income Taxes SCOTUS Tax Evasion Tax Returns

Top Reasons For Not Talking To An IRS Special Agent

The Fifth Amendment provides that “[n]o person…shall be compelled in any criminal case to be a witness against himself….”...more

6/28/2013 - Fifth Amendment Investigations IRS Right to Remain Silent

“Breaking Bad” And Tax Evasion

I love the TV Series “Breaking Bad” on AMC. In a nutshell, it is about a tough luck high school chemistry teacher named Walter White who turns into a major drug dealer and murderer. ...more

6/21/2013 - Audits Back Taxes IRS Tax Evasion

Deadline To File FBARs Quickly Approaching

There is absolutely nothing wrong with having a foreign bank account. The problem comes along when the existence of the account is not disclosed and income associated with the account is not reported....more

6/14/2013 - Disclosure Requirements FBAR Foreign Bank Accounts Income Taxes IRS Reporting Requirements

Top 5 Tax Mistakes That Doctors Make

Most doctors loath dealing with financial reports and generally dealing with the business side of the practice of medicine. ...more

5/31/2013 - IRA IRS Physicians Retirement Plan State Taxes

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