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