Earlier this week, the U.S. Tax Court published an opinion in a case that demonstrates very, very clearly the importance of getting your tax returns filed.
As you’ve probably often heard, you are always better off filing your tax return on time, even if you cannot pay all of the tax you owe. By filing [...]Continue Reading →
As April 15 rapidly approaches, harried American taxpayers need some bit of good news, so I am glad to be the messenger of good tidings–even before expected budget cuts attributable to the recent sequester, the number of IRS audits that individual taxpayers were involved in decreased in fiscal year 2012 over the previous year.
In [...]Continue Reading →
No, there is not a typo on the title to this post.
Pease refers to the a new provision of tax law, courtesy of the end-of-the-year fiscal cliff deal, and is named after former Rep. Donald Pease (D., Ohio).
If your adjusted gross income is over $250,000 ($300,000 filing jointly), you should get ready to [...]Continue Reading →
On December 31, 2012, the IRS issued tax withholding tables on the assumption that we were going over the fiscal cliff.
Technically, we did go over the cliff, but only for a few hours. In addition, the fiscal cliff deal that was passed on January 1, 2013, made the tax changes retroactive to the beginning [...]Continue Reading →
Being born just past midnight on January 1 makes one an instant celebrity. Each New Year’s Day, the front page of most local newspapers carry an above-the-fold story of the lucky baby that succeeded in being the newest local resident of the town. He or she may not make the front page of a newspaper [...]Continue Reading →
You remember Emily Litella, don’t you?
She was Gilda Radner’s character on the old Saturday Night Live who seemed a bit hard of hearing and was perpetually confused about the big events and issues of the day, at least until someone made her understand that she was missing the point. Her standard response, [...]Continue Reading →
The Senate worked into the night on the so-called “fiscal cliff.” This morning, we learned that the Senate passed a bill that will make changes to tax rates, apparently keeping the existing tax rates in place for those with $400,000 or less of taxable income ($450,000 for married persons, filing jointly). I’m basing this on [...]Continue Reading →
On November 6, the U.S. Tax Court decided the case of Tran v. Commissioner.
This case involved a taxpayer who had credit card debt and hired a debt resolution company to negotiate a reduction in his account balances with two credit card companies, U.S. Bank and Wells Fargo.
Well, the debt resolution company was successful [...]Continue Reading →
Tax law consists of a lot of moving parts.
You have case law coming out of a whole range of federal courts all the time on tax questions that make up a part of what we call “tax law.” For example, the U.S. Supreme Court in the big Obamacare case earlier this year had a [...]Continue Reading →
Tomorrow morning, the U.S. Supreme Court will hear oral arguments for an hour in a fascinating tax case that highlights the intersection of a local government’s tax policy, the financing of public utilities, and the Equal Protection clause of the Constitution.
The case is Armour v. Indianapolis.
What happened is truly fascinating for those interested [...]Continue Reading →
- Accuracy-Related Penalty
- Bond Hedges
- Cancellation of Indebtedness Income
- Charitable Contributions
- Child Dependency Exemption
- Contract law
- Employee vs. Independent Contractor
- First-time homebuyer tax credit
- Form 8332
- Form 990
- Form Over Substance
- Freedom of contract
- Frivolous Tax Argumenets
- Gift Tax
- Good Faith Reliance on Tax Advice
- Innocent Spouse Relief
- Interest Rate Swaps
- IRS Audits
- IRS Collection Efforts
- IRS Sanctions
- Municipal Bonds
- Oral Modification of Agreement
- Profit Motive vs. Hobby Activity
- Public Policy
- Real Estate Agents
- Real Estate Listing Agreement
- Record Keeping
- School Districts
- Section 501(c)(4) Organizations
- Substance Over Form Doctrine
- Tax Home
- Tax Planning for Divorce or Separation
- Tax-Exempt Organizations
- Tennessee law