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Latest News

  • HOBBY SHOP INHERITED BY ART TEACHER WAS A BUSINESS, NOT JUST A HOBBY

    On March 30, 2015 posted in Specialty Tax Services Blog

    The U.S. Tax Court has held that a model airplane store that an art teacher inherited from her father was a trade or business, not a hobby. The art teacher taught in Nevada and owned and managed the shop, which was in Idaho. The Court found that she had a profit motive and that the […]

  • WATCH OUT FOR ‘DIRTY DOZEN’ TAX SCAMS

    On March 30, 2015 posted in IRS Information, Specialty Tax Services Blog, Tax News

    The IRS has released its annual list of tax scams for 2015, and it notes that scam artists are getting more aggressive. Early in this year’s filing season, crooks were making threatening phone calls claiming to be from the IRS and demanding immediate tax payments. Other illegal practices include identity theft, bogus emails seemingly from […]

  • FEDS RAKE IN MONEY FROM TAX ON SOCIAL SECURITY BENEFITS

    The Congressional Budget Office has estimated that the income taxes on social security benefits will cost retirees $51 billion in 2014. About one-half of social security recipients have to pay tax on their monthly benefits and the average tax rate is 6 ½%. Of course, higher income taxpayers, those with income from other sources, pay […]

  • TAX REFORM AND PASSTHROUGH BUSINESSES

    On March 6, 2015 posted in Uncategorized

    PASSTHROUGH BUSINESSES DOMINATE U.S. ECONOMY ANDT AX REFORM MUST INCLUDE THEM, TAX GROUP SAYS    “Much time is devoted to improving the corporate side of the tax code, but corporate-only business tax reform misses a significant portion of business activity.” This is the assessment offered by the Tax Foundation (www.taxfoundation.org), a Washington D.C.-based tax research […]

  • RETAIL STORE CAN BE IN SERVICE BUT NOT OPEN FOR BUSINESS

    On March 6, 2015 posted in Uncategorized

    RETAIL STORES DOES NOT HAVE TO BE OPEN FOR BUSINESS TO BEGIN DEPRECIATION   A federal court in Louisiana has ruled against the IRS holding that a building housing a retail store can be considered “placed in service” even though the retail store is not yet open for business. The business was a home-building materials retailer […]

  • DEDUCTION ALLOWED FOR AN EXPENSE NOT LIABLE FOR

    On March 6, 2015 posted in Uncategorized

    MORTGAGE INTEREST DEDUCTION ALLOWED FOR BENEFICIAL OWNER To be entitled to tax deductions, a well-established rule says you have to pay a deductible expense–and you have to owe it. This means that you cannot get a deduction for paying an expense that you are not liable for. The U.S. Tax Court, however, refused to invoke this […]

  • DECLINING SALARIES

    On March 6, 2015 posted in Specialty Tax Services Blog

    SALARIES AND WAGES REPORTED ON TAX RETURNS HAVE DECLINED, SAYS TAX POLICY GROUP   A study by the Washington, D.C.-based Tax Policy Center has found that the share of salaries and wages reported on federal income tax returns has declined over the past six decades. On the other hand, investment income, such as capital gains, has […]

  • Innocent Spouse

    On January 19, 2015 posted in IRS Representation Blog

    DENTAL SURGEON SPOUSE NOT SO INNOCENT, SAYS TAX COURT A female dental surgeon did not get innocent spouse relief from a joint tax liability with her former-husband because one key fact was against her: the unpaid tax came from her dental practice income and none of it was attributable to her husband. The Wife had […]

  • Condominium’s Tax-Equivalency Payemnts Deductible as Real Estate Taxes

    On January 19, 2015 posted in Specialty Tax Services Blog

    CONDOMINIUM’S TAX-EQUIVALENCY PAYMENTS DEDUCTIBLE AS REAL ESTATE TAXES. The IRS has recently clarified an important issue for real estate developers– payments in lieu of taxes, sometimes called PILOT or tax equivalency payments—are deductible from federal taxes. The issue arises when a local government acquires property with public bonds and then leases the property to real […]

  • Seven Principles of Tax Reform

    On January 19, 2015 posted in Specialty Tax Services Blog

    COULD IT REALLY HAPPEN? LAWMAKER’S SEVEN PRINCIPLES FOR TAX REFORM A key Republican leader in the Senate has paved the way for a serious tax reform effort by establishing seven guiding principles for comprehensive reform of the U.S. tax code. Sen. Orrin Hatch (R-UT), the new Chairman of the Senate Finance Committee, offered these catchphrases […]