It May be Advantageous to Employ Your Spouse, Children, & Parents in Your Family Business, But You Need to Understand the Tax Rules Both Spouses Carrying on Trade or Business If spouses … [Read more...] about Tax Treatment for Family Members Working in the Family Business
IRS Tax Planning Ideas, Tips & News
Why Does It Take the IRS So Long to Issue Your Tax Refund?
Is “Filter X: to Blame? Background Perhaps you are one of the many taxpayers who are concerned that your refund took forever to be processed by the IRS. Your tax professional instructed you to … [Read more...] about Why Does It Take the IRS So Long to Issue Your Tax Refund?
Mileage Deduction Lost Despite Taxpayer Maintaining Mileage Log
“Tax Specialist” Fails to Sustain Schedule C Deductions When Audited by the IRS Background A married couple (H. Samadi, TC Summary Opinion 2018-27) included a Schedule C on their … [Read more...] about Mileage Deduction Lost Despite Taxpayer Maintaining Mileage Log
Annuity Annuitizations and RMDs
Many Say that Annuities Are Complex – Add Required Minimum Distributions (RMDs) to an Annuity and Confusion Reigns RMD Rules – Simplified Version Taxpayers who turn age 70 ½ on or after January … [Read more...] about Annuity Annuitizations and RMDs
“Novel” Argument that IRS Collections Violated Consumer Fraud Law
Taxpayer Argues that IRS Is Subject to Fair Debt Collection Practices Act (FDCPA) Background Edward T. Kennedy (2018-1 U.S.T.C. ¶50,290) claimed that the IRS's conduct when it assessed him for … [Read more...] about “Novel” Argument that IRS Collections Violated Consumer Fraud Law
How to Compute Cost Basis of Stock – Acquired Years Ago
How to Proceed When You Sell Stock Acquired or Inherited Many Years Ago and You Need to Know Its Tax Basis Background You decide to sell securities (“stock”) that you acquired 20 years ago or … [Read more...] about How to Compute Cost Basis of Stock – Acquired Years Ago
