Duncan Bass worked hard. He worked one full-time job for about 53 hours a week and a second job for about 15 hours a week. In addition to his W-2 jobs, Mr. Bass operated a landscaping, … [Read more...] about Tax Court Denies Clothing Donations of $25,446
IRS Tax Planning Ideas, Tips & News
Inherited IRAs
IRS Finally Figures Out What is Going On Way back in 2019, Congress passed the SECURE Act. One provision of this Bill changed the taxation of inherited IRAs on non-spousal … [Read more...] about Inherited IRAs
IRS Collections – Updates
I had the opportunity to listen to a podcast hosted by attorney Eric Green. His guest on the podcast was Rocco Steco, the Acting Director for Collection Policy at the IRS. Many temporary … [Read more...] about IRS Collections – Updates
Happy Birthday to Health Savings Accounts
As health insurance premiums get increasingly expensive, employers are looking to shift costs to their employees. They do this by having a high deductible health plan (HDHP). These plans … [Read more...] about Happy Birthday to Health Savings Accounts
Real Estate 721 Exchange
Real estate investors are more familiar with the 1031 exchange, a like-kind exchange. This is where the owner exchanges their rental property for a new property at equal or greater value and can … [Read more...] about Real Estate 721 Exchange
Corporate Transparency Act
In the aftermath of the released Panama Papers, US lawmakers enacted the Corporate Transparency Act. The law's stated purpose is to combat money laundering through shell companies in the United … [Read more...] about Corporate Transparency Act
