Who Should I Hire To Do My Taxes?

We all know there are good and bad people everywhere, both inside the IRS and in the tax practitioner community alike.  Routinely readers of this blog report specific and egregious allegations of tax practitioner misconduct in violation of United States

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Posted in Estimated Taxes, PTIN, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Relief, Taxpayer Advocate

IRS Implications for Medical Marijuana Dispensaries Update

I was at the IRS Practitioner Liaison Meeting yesterday morning in downtown Denver where local IRS officials in positions of authority presented operational updates. In regards to medical marijuana dispensaries Matthew Houtsma, acting Associate Area Council spoke. I found his

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Posted in Marijuana

Should A Husband/Wife Form a Limited Liability Company (LLC) to Invest In Real Estate?

A husband and wife formed a Limited Liability Corporation (LLC) that invests in rental real estate to protect themselves in event of a lawsuit. They want to know if they formed the most appropriate business structure and whether their rental

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Posted in Husband/Wife, LLC, Rental Real Estate

Is My Charity Legitimate with the IRS

Now is a GREAT TIME OF YEAR TO MAKE A CHARITABLE DONATION if you are so fortunate. When you make a donation to a charity you may be able to take a deduction for it on your tax return as

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Posted in Charitable Contribution, Gift Tax, Taxable Income

Tax Practitioner Fraud and Incompetence US Treasury Circular 230

Lately I've been getting deluged with cases involving blatant US Treasury Circular 230 violators of regulations governing practice before the Internal Revenue Service. The perpetrators it seems come from all walks of life, some are unregulated tax return preparers while

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Posted in Tax Fraud

IRS Request for Miscellaneous Determination – IRS Form 8940

The IRS has released Form 8940, Request for Miscellaneous Determination that tax-exempt organizations will use to request certain determinations about their tax-exempt status.  In addition to foundation status issues, organizations will use this new form to obtain advance approval of certain activities and exemption from

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Posted in Charitable Contribution, IRS Examination, Non-profit, Tax Guidance & Preparation, Tax Relief, Uncertain Tax Position

IRS Collection Limitations

There are several options available through the IRS to resolve delinquent tax obligations and/or request relief.  One of the many reasons you need to be careful when engaging the IRS in these regards is because many of the programs including

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Posted in IRS Collections, IRS Enforcement

Severance Payments and FICA Tax

Generally severance payments made to terminated employees have been held by the US Tax Court to be FICA wages because the definition of "wages" for FICA purposes found in the Internal Revenue Code is so broad. "Wages" include all remuneration

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Posted in FICA, Social Security, Social Security Tax, Tax Court

Mortgage Interest Allocation

I received a very interesting question from my last post on mortgage interest concerning allocation for tax deduction purposes. This post is a summary of research conducted in these regards on the National Association of Enrolled Agents web site. For example sake

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Posted in Mortgage

Mortgage Refinancing Tax Deductible Expenses

With mortgage rates at levels not seen in generations and the banks finally starting to lend again many people have been calling with questions about the tax implications of refinancing. It can be a little confusing and this is my

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Posted in Deductible Expense, Mortgage, Tax Court
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