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Tax Roundup, 2/23/17: You can have a friend, or you can have a bad debt....
With friends like this, who needs deductions? When you lose money on an investment, a business bad debt deduction for the loss is the best consolation. A business bad debt is an ordinary loss, fully...
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Tax Roundup, 3/14/17: Don’t let the K-1 hit you on the way out the door....
K-1s rule. Sometimes people become shareholders of S corporations without really understanding what they are getting into. Yesterday the Tax Court dealt with an S corporation shareholder who apparently...
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Tax Roundup, 3/20/17: Deducting that gold mine in your closet. Also: blogger...
Flickr image courtesy Jen Waller under Creative Commons license. Thrift shop values. Tax pros might expect Goodwill and Salvation Army to be the largest industrial enterprises in the nation, going by...
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Tax Roundup, 3/23/17: How to make sure the IRS visits your dental practice....
File in batches, IRS scratches. The IRS “DIF score” formula for choosing returns to audit is a closely-guarded secret. I’m pretty sure Schedule C returns get you auditability points. I believe that...
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Tax Roundup, 3/29/17: Management fees mismanaged. Also: reform is hard, Chuck...
Mismanaged fees. In the misty dawn of time — well, in my early days in public accounting — I knew an old-school practitioner who used “management fees” between related companies as a tax planning...
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Tax Roundup, 4/6/17: The coyote bags the roadrunner. Links: Iowa loses a hero.
Gigged. Battles over whether a given worker is an employee or an independent contractor have been going on since before the Coyote and the Road Runner began their epic conflict, with the IRS usually...
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Tax Roundup, 4/13/17: Law firm partners find the limits of “limited.” Also:...
Outer limits. In the beginning, there were general partnerships and limited partnerships. But the lawyers came down and said, “Come, let us go down and confuse their language so they will not...
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Tax Roundup, 4/25/17: A.M. real estate pro, P.M. stockbroker. In the links:...
Winning recordkeeping, losing recordkeeping. The IRS wins most cases in Tax Court involving taxpayers whose real estate rental losses have been disallowed. The tax law, after all, is stacked against...
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Tax Roundup, 4/26/17: A gift that’s easy to give. In the links: Trump tax...
You’re not paying me enough. It’s a gift! Sometimes a taxpayer presents an argument that is so unexpected that it makes you wonder if words have lost their meaning. The Tax Court handled one such case...
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Tax Roundup, 5/2/17: Owner of Larry Bird’s house fouls out in Tax Court....
Image of Larry Bird by Kurt Shimala under Creative Commons license. Licked. Larry Bird’s basketball career has been remarkable. As a player in high school, college and the NBA, he was an all-star. He...
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