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
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
This past weekend there was a great 60 Minutes segment on Microsoft founder Bill Gates....more
When it comes to taxes, you would probably – and rightfully – guess that the majority the United States government collects are income taxes. ...more
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
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
The Fifth Amendment provides that “[n]o person…shall be compelled in any criminal case to be a witness against himself….”...more
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
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
Most doctors loath dealing with financial reports and generally dealing with the business side of the practice of medicine. ...more