IRS’s Acceptances of Taxpayer’s Position In Prior Exams Did Not Stop IRS From Prevailing in Fourth Attempt

The taxpayer in the case of Lukovsky v. Commissioner, TC Memo 2010-117 had three times before been challenged by the IRS regarding the status of his pension income.  The taxpayer was receiving retirement income related to his service as a police officer.  However when he had left the police force he had applied for and [...]

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IRS Abused Discretion By Failing to Allow Estate to File for Extension After Due Date of Estate Tax Return

In the case of the Estate of Proske v. United States, (US District Court New Jersey, Docket No. 2:09-00670), an estate was granted a refund of late filing penalties, the Court finding that the IRS had abused its discretion in denying the estate’s request for an extension of time to file the return, even though [...]

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Workplace Sexual Discrimination

Unwanted sexual behavior in a professional setting is inappropriate and illegal.  There are two types of sexual harassment recognized by federal law. Type 1: Quid Pro:  This type of harassment occurs when an employer/decision maker promises benefits, or threatens to terminate an employee based on sexual favors. Type 2: Hostile Environment: This type of sexual harassment creates [...]

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IRS Gives Explanation and Guidance on New Credit for Small Business Health Insurance

The IRS has provided additional guidance in Notice 2010-44 and a general explanation of the application of the new tax credit under §45R for health insurance expenses of small employers. In the notice, the IRS outlines employer eligible for the credit, the calculation of the credit, and how the credit is claimed on the return, [...]

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The Rest of the Story Told in the Pierre Gift Tax Case – Step Transaction Doctrine Applied

Suzanne Pierre had previously fared well in the first decision the Tax Court issued on her dispute with the IRS.  In Pierre I (133 TC No. 2) the Tax Court ruled that the existence of an LLC was to be respected for transfer tax purposes even if, prior to the transfer, the entity had been [...]

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Severance Agreements FAQs

Employment separation agreements usually accompany layoffs and other types of employment termination in the U.S.  Your employer might call yours a Termination Agreement, Severance Agreement, or Separation Agreement and General Release.  Whatever your employer calls it, at first glance, it may look like an innocent letter on company stationary, buried around the mounds of paperwork [...]

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Short Sale Myths

1. The broker’s lawyer is on your side. (Myth) In house lawyers who draft short sale contracts do so with the brokerage’s best interest in mind, developing a contract offering them the most protection.  You need to speak to your attorney, who is working on your side.  Before signing any agreement it is important to have a real estate attorney review [...]

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Arizona Wage Violations

The Federal Fair Labor Standards Act regulates when employers are required to pay their employees overtime (and minimum wages).  The law generally requires that overtime be paid at the rate of one and one-half times the hourly wage for work in excess of 40 hours in a work week.  In certain limited situations, in lieu [...]

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Real Estate Buyers Beware of Sellers Staying Silent

Most people are aware that intentionally misleading someone about the true condition of real property to a possible buyer can be fraud, but what if the seller just doesn’t say anything? Is it fraud to stay silent about a known problem with a property being sold? The general rule is that fraud can’t be committed [...]

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Create the image you want.

On April 27th the ASCPA hosted a Presentation Skills Workshop by media expert Kathy Kerchner.  I think Kathy clearly made us understand how important communication is.  Just saying or writing something (this for example) can backfire. Audience perception is everything.

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