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Tax Articles

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 of the day the only thing you can seem to rely on is the actual…

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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 is that every tax return electronically filed is subject to some form of matching protocol,…

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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 associated tax implications, particularly if ‘related parties’ are involved in a transaction. So this is…

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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 to all IRAs maintained by the individual taxpayer. So there you have it, as a…

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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 interpretation.  No, it is difficult because the subject matter is best addressed with discretion gained…

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Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs). As a result I developed a new profound distaste for investment brokers pedaling these things for their ‘prospective’ fat returns whilst simultaneously poo-pooing the heavy, heavy…

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IRS Released “Get Transcript” Application for Real Time Downloading of Information on Your Tax Account

Any individual taxpayer can view, print or download their own transcripts on-line in Real-Time using a computer or Smart Phone. You simply go to www.IRS.gov and enter  GET TRANSCRIPT in the site search bar, OR … Click here –> http://www.irs.gov/Individuals/Get-Transcript#! This is a giant leap forward for working with the IRS. Once in their system a…

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IRS Stakeholder Liaison Meeting – Denver

The following is a summary of the IRS’ most recent Stakeholder Liaison Meeting in Denver Colorado as prepared by Ann Burton, IRS Senior Stakeholder Liaison.  It is jam packed with procedural information and status updates from line managers and group leaders of the various IRS operational functions including Collections, Examinations, Appeals, Tax Court etc.  A…

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