The Limits of Self-Employment Taxation

The IRS needed to be reminded that’s more to being subject to the self-employment tax than merely an individual receiving payment for providing services outside of an employment arrangement, and that reminder came in a Tax Court Summary case of Steele v. Commissioner, TC Summary 2009-45. The Steeles received $16,974 from the state of Illinois [...]

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Where A Deduction Is Claimed Can Be As Important As How Much Is Claimed…

An accountant who had her own accounting and consulting business also visited local casinos quite often—in fact often enough to have reported winnings of $151,162 in 2003 and $445,738 in 2004. The accountant claimed that she undertook the gambling activity as a trade or business entered into for a profit, and as such she was [...]

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Find PLRs Directly From the IRS

For those that aren’t aware, if you get a citation to a private letter ruling, technical advice memorandum or chief counsel advice given since 1999, you can download them rather quickly from the IRS directly without having to use a search, if you know the secret. The IRS has an open directory of files at [...]

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Proof IRS Does Care About Dotting I’s and Crossing T’s for Plan Amendments

We often run into clients who, when told about various detailed requirements to comply with the tax law, respond that they’ve never heard of anyone getting into trouble for this. That’s especially true if there is a cost involved in remaining compliant. Qualified plans is an area we can run into this, especially as clients [...]

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Appeals Court Gives Taxpayer Good News, Bad News

The Tenth Circuit Court of Appeals started out with good news for Leslie Stephen Jones–they agreed that the Tax Court had come to an erroneous conclusion about the application of §1221(a)(3)(A) preventing the asset he had donated from being treated as a capital asset. However, the Tenth Circuit then went on to rule instead that [...]

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Phoenix Finance Examiner: Your share of the financial bailout is 42,575 dollars

Phoenix Finance Examiner: Your share of the financial bailout is 42,575 dollars Posted using ShareThis

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Phoenix Finance Examiner: Is it time to reinstate the Glass-Steagall Act

Phoenix Finance Examiner: Is it time to reinstate the Glass-Steagall Act Posted using ShareThis

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Phoenix Finance Examiner: Mortgage rates hit historic lows and it is time to buy or refinance a home

Phoenix Finance Examiner: Mortgage rates hit historic lows and it is time to buy or refinance a home Posted using ShareThis

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AICPA National CFO Conference – May 14-15, La Jolla, CA

Trying to manage profitability in today’s times is difficult.  You need valuable insights and resources to assist you.  Look no further than the AICPA National CFO Conference, May 14-15 at the Hilton La Jolla Torrey Pines, La Jolla, California, to gain the knowledge needed to plan your course of action.  This conference will present expert [...]

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Phoenix Finance Examiner: The new mortgage fraud – foreclosure prevention schemes

Phoenix Finance Examiner: The new mortgage fraud – foreclosure prevention schemes Posted using ShareThis

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