A married couple filed their Form 1040 on a timely basis. Or, so they thought. In the Tax Court case of Reifler (B.C. Reifler, TC Memo. 2015-199, Dec. 60,425(M)), the couple was found to have failed … [Read more...] about When Is a Filed Return Not Accepted by the IRS As a Filed Return?
IRS Tax Planning Ideas, Tips & News
IRS Public Service – Identify Theft Guidance
Okay. We understand that it is a public service announcement. But it is ironic that the IRS is providing recommendations to tax return preparers on protecting client information (IRS Publication 4557, … [Read more...] about IRS Public Service – Identify Theft Guidance
Taxpayer Who Incorporated Business Could Not Deduct Business Expenses On Personal Tax Return
You’ve made your bed, now lie in it! This is the conclusion that the Tax Court came to in the case of (Rochlani v. Commissioner, TCM, Dec. 60,397(M)). The Taxpayers (husband and wife) had an … [Read more...] about Taxpayer Who Incorporated Business Could Not Deduct Business Expenses On Personal Tax Return
Lesson Learned from a Billionaire
Bloomberg Business has reported that the estate of billionaire William Davidson has sued Deloitte LLP for $500 million (Aaron v. Deloitte Tax LLP, 653203/2015, NYS Supreme Court, NY County, … [Read more...] about Lesson Learned from a Billionaire
AFFORDABLE CARE ACT – AFFORDABLE FOR WHOM?
The Affordable Care Act (ACA) has been quite controversial. One of the issues that the U.S. Supreme Court looked at is whether the ACA was a tax when deciding whether the ACA was constitutional. For … [Read more...] about AFFORDABLE CARE ACT – AFFORDABLE FOR WHOM?
ARE COMMUTING EXPENSES TAX DEDUCTIBLE?
While traveling from your home to your place of business is generally not tax deductible, there are exceptions. The three exceptions are: … [Read more...] about ARE COMMUTING EXPENSES TAX DEDUCTIBLE?
