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

Tagged with: ,
Posted in Audit Reconsideration, Business Expense, IRS Enforcement, IRS Examination, Tax Abuse, Tax Court, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief

IRC 1014 & the Significance of Stepped Up Basis in Estate Planning

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent's death. This is often referred to as stepped up basis and it

Tagged with: , , , , , , , ,
Posted in Basis, Estate Tax

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

Tagged with: , , ,
Posted in Alter Ego, Sub-chapter S, Tax Abuse, Tax Deductible Expenses, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Trusts, Uncertain Tax Position, United States Treasury

IRC 7216 Disclosure Issues to Consider When Selling Your Practice – Start With A Tight NDA

As many of you know who follow this blog I also currently serve in a voluntary capacity as the President of the Colorado Society of Enrolled Agents, a state affiliate chapter of the National Association of Enrolled Agents. In this

Tagged with: , , , , , , , ,
Posted in Disclosure, Enrolled Agent, Partnership, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer

Tangible Assets Used In Converting Corn To Fuel Grade Ethanol Are Properly Included In Asset Class 49.5

A certain important person in my reality - my wife - is becoming increasingly interested in the business end of biomass refineries. You go girl. Funny but this interest also happens to correlate with a new file I am developing

Tagged with: , , ,
Posted in Asset Classification, Depreciation, Husband/Wife, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position

Buying or Selling Business Assets – Remember to File IRS Form 8594 & Avoid Future Headaches

Buying and selling business assets can be complicated.  The last thing you want - BELIEVE ME - is the hassle of explaining inconsistent treatment of the sale for tax purposes  3 YEARS INTO THE FUTURE. Avoiding this is simply accomplished

Tagged with: , , ,
Posted in Asset Classification

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

Tagged with: , , ,
Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

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

Tagged with: ,
Posted in Pension Plan, Retirement, Social Security, Social Security Tax

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

Tagged with: , , , , ,
Posted in Form 5500, IRS Enforcement, Penalty, Pension Plan, Tax Guidance & Preparation, Tax Problems & Requests

Reporting Investments In Certain Foreign Corporations for U.S. Tax Purposes

As we increasingly become more connected on this planet US Taxpayers are compelled more than ever before to hold investments in multiple countries. As a direct result timely filing IRS Form 5471 is becoming profoundly significant. I've been involved with enough international

Tagged with: , , , , , ,
Posted in CFC, Corporation, FBAR, Foreign Income, International Tax, IRS Enforcement, IRS Examination, Tax Guidance & Preparation
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification