S – Corp Charitable Donations

The most intriguing aspect of maintaining this tax blog is the pleasure of meeting and engaging a wide variety of successful people all with the courage to take the risk of venturing out on their own professionally in pursuit of

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Posted in Charitable Contribution, Sub-chapter S

Application for Automatic Extension of Time To File U.S. Individual Income Tax Return – IRS Form 4868

Everyone starts getting a little freaked out this time of year because of personal income tax reporting and paying obligations due on April 15th. I have found through the years that this kind of pressure causes people in all walks

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Posted in Extension

Retirement Plan Recharacterization

Retirement Plan Recharacterization means according to Reg. Sec. 1.408A-5 that if you make a contribution to one type of IRA you may be able to treat the contribution as though it had been made to a different type of IRA. This is basically

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Posted in IRA, Recharacterization, Retirement, Tax Guidance & Preparation

Tax Treatment of Virtual Currencies

As many of you know who follow this tax blog I enjoy dabbling in the uncharted waters of the US Tax Code. It helps keep me fresh. One of the many areas that this includes is the tax treatment of

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Posted in Bitcoin, Virtual Currency

Corporate and Partnership Automatic Extension Request: IRS Form 7004

The Business and Partnership Tax deadline is coming up fast. Don't sweat it. File IRS Form 7004 and apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled feel welcome to check out

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Posted in Extension

Top 8 Free US Tax Research Sites

The best free US tax research sites in my opinion are: 1. For actually referencing the US Tax Code - Cornell University Law School as they seem to do the best job with updates and maintenance and at the end

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Uncategorized, Uncertain Tax Position, United States Treasury

Understanding Your Odds with IRS Audit Technique Guides

Many taxpayers fear that aggressive deductions wave flags in front of IRS auditors and quite often I am asked what the chances are of being audited as if my opinion is some sort of a benchmark. The fact of the matter

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Posted in Abusive Tax Shelter, Appeals & Audit Resolution, Audit Reconsideration, Audit Technique Guide, Business Expense, Business Income, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalty and Interest Abatement, IRS Transcript

Tax Implications of Installment Sales

More and more taxpayers it seems are finding themselves compelled to engage in a structured installment sale of closely held business assets or rental real estate and I couldn't help but notice that there are some common misconceptions about the

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Posted in 1031 Exchange, 1231 Exchange, Installment Agreement, Tax Deductible Expenses, Tax Guidance & Preparation

Allowable Nontaxable IRA Rollovers Contributions Interpreted To Mean One Per Taxpayer Per Tax Year in US Tax Court Case – Bobrow v. Commissioner

In Bobrow v. Comm'r, T.C. Memo. 2014-21, the Tax Court relied on IRC 408(d)(3)(B) regarding the limits and frequency of nontaxable rollover contributions elected by the taxpayer noting that the one-year limitation addressed in this section of the US Tax Code applies

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Posted in Distributions, Investment Income, IRA, IRS Enforcement, IRS Examination, Retirement, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

What is a ‘Qualifying Relative’ for US Tax Purposes: IRC 152

Wading through the convolution required to identify specifically who qualifies as a relative for income tax reporting purposes oftentimes can be difficult, not because the actual tax code is difficult to understand in these regards or even subject to much

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Posted in Adoption, Child Tax, Children, Earned Income Tax Credit, IRS Enforcement, Tax Credit, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests
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