Lawsuit Settlement Held to Be Fully Taxable, No §104(a)(2) Exclusion Available

Justin Hansen had some serious problems with his supervisor at a mine owned by Martin Marietta Materials that began, at least per the record in this case, with an assault that involved pushing Justin to the ground and pushing his face into limestone powder. His relationship with the supervisor did not improve when, a few [...]

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Looking for Silver Lining

529 Accounts May Provide Tax Breaks

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Estate Escapes Penalty When Relying on Erroneous Advice from Professional

The case of the Estate of Kwang Lee, TC Memorandum 2009-84,  is one that the Tax Court had previously visited back in 2007 (TC Memo 2007-371) with a unique issue it had to decide then—whether the decedent, by his will, could pass assets to his predeceased spouse by use of a provision in their wills [...]

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IRS Updates Guidance on ARRT2009 Net Operating Loss Deductions

After Congress passed the special net operating loss election in the American Recovery and Reinvestment Tax Act of 2009 back in February, the IRS issued Revenue Procedure 2009-19 informing qualified taxpayers how to go about electing the special 3, 4 or 5 year net operating loss carrybacks. The IRS has now revised that guidance in [...]

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Taxpayer Held to Have Entered a Listed Transaction Despite Slight Differences from Notice 2004-8

In a Chief Counsel Advice (CCA 200917030) the IRS held that the following transaction was similar to the transaction described as a listed transaction in Notice 2004-8 and the taxpayer’s failure to include a Form 8886 on their personal returns (despite including one on the related corporation’s return) subjected them to the extended statute of [...]

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Phoenix Finance Examiner: Internet dating frauds

Phoenix Finance Examiner: Internet dating frauds Posted using ShareThis

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One of our own, a former CPA, was arrested for fraud

It is a sad day for CPA’s in Arizona as, according to the Arizona Republic, a former CPA, Mr. Dan Wise, 52, of Scottsdale, Arizona was arrested on Wednesday for masterminding a $67 million ponzi scheme. According to the Arizona Republic “From July 2001 to January 2009, Wise raised more than $67 million from about [...]

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Phoenix Finance Examiner: Displaced workers get help starting new businesses

Phoenix Finance Examiner: Displaced workers get help starting new businesses Posted using ShareThis

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Dr. Rufus Glasper, CPA, honored by Valle del Sol

Many of you know ASCPA’s life member Rufus Glasper as a dynamic leader of the CPA profession, an author of interesting articles in the AZ CPA when he was chair of our board and a CPA with a great sense of humor. For those of you who don’t know Rufus, please get to know him [...]

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Spouse Doesn’t Need to Receive Notice for Innocent Spouse Time Limits to Start, But There’s still §6015(f)

For the second time in two weeks the Tax Court looks at time limits on a spouse’s filing for innocent spouse relief and issues a published ruling. In this case, the Tax Court was looking at whether a spouse that never received actual notice of intent to levy because her spouse accepted delivery of the [...]

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