Inability to Sell Home in Bad Real Estate Market Doesn’t Gain Taxpayer Late Rollover Relief

In PLR 201146024, the IRS declined to grant a taxpayer a waiver of the 60 day rollover period that was tied to problems selling the taxpayer’s residence.  In the ruling request, the taxpayer’s daughter, acting under a power of attorney, withdrew funds from her IRA to be used to pay for an assisted living facility.  [...]

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IRS Outlines Legal Basis for Demanding Small Business Client Data Files in Examination

The IRS Chief Counsel’s office in CCA 201146017 has provided a legal analysis of the rights of the agency to demand electronic data files from small business clients.  The IRS project, focused primarily on providing agents with access to Quickbooks and training on using the program, has generated some concern among small business advisers.

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Twenty Things for Which I’m Thankful

While surfing the web at home, and not at work, I found an interesting post on 99 Things Im Grateful For.  Naturally, this caught my attention as I’m fortunate with the life I have.

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Getting Ultra-Light and Ultra-Fast with New “Ultrabook” Notebooks

A new breed of laptops is hitting the market these days—the Ultrabook.  Conceptually such computers are meant to be small, ultraportable computers.  While that might sound like what we had with netbooks, the difference is that ultrabooks are built to higher specifications, generally sporting i3, i5 or i7 processors (netbooks sport Atom or similar slow [...]

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Erroneous Forms 1099Cs Continue to Dog the Tax Court

A real problem that has cropped up in the current economy has been the poor controls that appear to be in place at many lenders regarding the issuance of Forms 1099C and the IRS’s failure to question the correctness of such forms, even when the form appears absurd on its face.  In three separate cases [...]

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Future Looks Bright …Let’s Make it Brighter

Every year, the Arizona Society of CPAs visits universities and colleges to address accounting students on the amazing opportunities available to them as CPAs.  Some of our younger dedicated members volunteer to speak to our eager audiences. 

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What do You think it means to be ‘Financially Literate’?

I recently received an email in response to my latest blog post that really struck a chord with me. 

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