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Tax Articles

How to Report An Incorrectly Issued K1

I’ve been working a very complicated file since my last post involving income in 11 states and countless K-1s, Partner’s Share of Income, Deductions, Credits, etc. Interestingly enough one of my trusted lieutenants noticed that one of the K-1s from one of the partnerships incorrectly reported a gain on the sale of a partnership asset as a…

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US v. Clarke SCOTUS Decision Favors Taxpayers

The SCOTUS clarified the 11th Circuit Court of Appeals in the United States v. Clarke Et. Al. that… “a taxpayer has a right to conduct an examination of IRS Officials regarding their reasons for issuing a summons when (s)he points to specific facts or circumstances plausibly raising an inference of bad faith.” JUSTICE KAGAN delivered the opinion of the Court as follows.…

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US v. Clarke SCOTUS Decision Favors Taxpayers

The SCOTUS clarified the 11th Circuit Court of Appeals in the United States v. Clarke Et. Al. that… “a taxpayer has a right to conduct an examination of IRS Officials regarding their reasons for issuing a summons when (s)he points to specific facts or circumstances plausibly raising an inference of bad faith.” JUSTICE KAGAN delivered the opinion of the Court as…

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Defending Against Alter Ego Allegations

What is an “alter ego” allegation? Aside of course being one of several nuanced yet distinct stages of intoxication, when it comes to the IRS it seems from my perspective that there are several elements of the alter ego doctrine that arose out of the California Supreme Court in Minifie V. Rowley, 187 Cal 481,…

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Decoding the IRS – Document 6209

Understanding what you are up against with the IRS can be frustrating on many levels. When it comes to the terminology they throw around, especially acronyms, what you will find is that even seasoned veterans quite often pull out specialty reference manuals or what I often refer to as code books.  This post is intended…

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Taxation of Social Security Benefits

A good friend of mine, Bruce Larsen of Presidential Brokerage recently published an outstanding report on the Taxation of Social Security Benefits. One of the many things I like about Bruce is that he is passionate about all aspects of Social Security. He is my go to resources on all matters in these regards. As…

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Form 5500 Pension Plan Penalty Filing Relief

For those of you like me presently wrestling with this issue the IRS recently came out with the following: Revenue Procedure 2014-32 establishes a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500 EZ. Revenue Procedure 2014-32 will be published in Internal Revenue Bulletin 2014-23 on June 2,…

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