As per usual I'm swimming in areas where the tax code is seemingly at odds. The latest matter across my desk regards meals and entertainment (M&E) expense. These are the two questions at hand: Specifically at what point does a meeting expense incurred under IRC section 162...
This directory listing is considered an expert interface to locating PDF documents from the IRS concerning: Notices Announcements Guides Revenue Procedures Revenue Rulings Tread lightly!...
Richard S. Leyh et ux. v. Commissioner (T.C. Summ. Op. 2015-27) details a case in which a taxpayer could revise her contemporaneous log of daily rental property activity and qualify as a real estate professional for income tax reporting purposes. When the IRS audited the taxpayer's...
Automatic Extension Request of Time to File Personal Income Taxes: IRS Form 4868 Income tax forms and payment are due AGAIN. Don't sweat it, file IRS Form 4868 today! Remember this is an Automatic 6 month Extension Request for time to file IRS Form 1040 only. It is not...
It is a rare occasion that guests are allowed to write for this blog but when they do it is ALWAYS worth reading. The following is a guest post from my friend and all around great guy, Andy Stadler about the perils some DIYers are facing...
I had a grEAt conversation with my friend Bob Kerr Friday. We talked about the Department of the Treasury expanding the relief it announced previously on February 24, which will mitigate any harm to tax filers in regards to filing Form 1095A under the Affordable...
The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out the instructions for IRS Form 7004. If you...
Many young professional athletes and their less than experienced managers are learning for the very first time that the money "earned" PLAYING or competing is subject to income tax both at the federal level AS WELL AS AT THE STATE LEVEL WHERE THEY ARE PERFORMING or...
Fortunately I graduated from providing this service for hire preferring to refer all tax collection work to a handful of trusted friends and advisers consciously choosing (bless their hearts) to focus solely on Section 6325(a) of the Internal Revenue Code that directs the release of a Tax...
In 1997, the IRS issued proposed regulations governing when the distributive share of partnership income for Limited Liability Company (LLC) members was to be included in self-employment income. It basically advised that an LLC member would be treated as a limited partner — and thus...