Dependency Exemption and the American Opportunity Tax Credit

A new client came to me this week - husband/wife - filing a joint tax return.  Their son a full time 21 year old student with some earned income but not enough to provide for over one half of his

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Posted in Dependent, Education Expense

Tax Court Rejects Conclusions of Cost Segregation Study – Amerisouth Vs. Commissioner

This blog is my personal tax research tool. Pursuant to the rules of professional conduct set forth in US Treasury Circular 230 nothing contained in this blog was intended to be used by any taxpayer for the purpose of avoiding penalties that

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Posted in Cost Segregation, Tax Court

IRS Compliance Requirements and the Bankruptcy Code

This blog is my personal tax research tool. Pursuant to the rules of professional conduct set forth in US Treasury Circular 230 nothing contained in this blog was intended to be used by any taxpayer for the purpose of avoiding penalties that

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Posted in Bankruptcy

IRS’ Taxpayer Advocate Service Changed Case Acceptance Criteria

The Taxpayer Advocate Service (TAS) at the Internal Revenue Service changed the cases it will consider going forward. As of essentially today IRS TAS will generally NOT accept cases involving problems in these four areas: 1. processing of original tax returns,

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Posted in Taxpayer Advocate

Injured v. Innocent Spouse Tax Relief

You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be applied to your spouse’s past due financial obligations. For consideration of

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Posted in Injured Spouse Relief, Innocent Spouse Relief

IRS Publication 526 – Charitable Contributions

This post is a brief review of IRS Publication 526. Basically if your goal is a legitimate tax deduction, then you must be giving to a qualified organization. Don't get duped.  You cannot deduct contributions made to specific individuals, political

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Posted in Charitable Contribution

IRS Publication 225, Farmer’s Tax Guide

This post is a brief overview of IRS Publication 225, Farmer’s Tax Guide. According to this IRS Publication you are in the business of farming if you cultivate, operate or manage a farm for profit, either as an owner or a tenant.

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Posted in Farm Tax

How to Report Your Child’s Investment Income

If your minor child has been blessed with the opportunity to be endowed with income producing investments be wary as I have witnessed this can indeed become a curse for you on many levels. As if parenting isn't hard enough

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Posted in Child Tax, Children

IRS and Medical Marijuana Dispensaries – Olive v. Commissioner

Dispensary owners now finally have some precedent to follow in arriving at federal taxable income. In Olive v. Comm'r, 139 T.C. No. 2 (8/2/12), Mr. Martin Olive the owner of an operation called the Vapor Room was required to prove

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Posted in Marijuana

IRS Publication 587: Business Use of Home

I am not a big fan of this deduction for a wide variety of reasons but mostly because there can be a substantial administrative burden associated with recapturing depreciation expense taken in previous tax years upon the sale of one's

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Posted in Home Office, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests
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