Category Archive: Uncategorized

A Couple of S Corporations, A Couple of Rental Arrangements, A Couple of Taxpayer Losses

Recently, two Circuit Courts shot down the taxpayers in two cases involving rents and S Corporations. In the Estate of Stuller, the Seventh Circuit Court of Appeals addressed a Tennessee Walking Horse breeding operation held in an S Corporation.  Surprise! The IRS, the District Court, and the Seventh Circuit found that the breeding operation was […]

Make Compensation Tax-Free: The IRS Tells You How

Well, my headline may overstate a little bit the subject matter of a new publication by the Internal Revenue Service.  Recently, the IRS issued Publication 15-B, Employer’s Tax Guide to Fringe Benefits. (Click here for full publication) It is a handy summary of fringe benefits, focusing primarily on twenty types of fringe benefits (and variations thereunder) […]

Whoopee! Tax Busy Season is Longer This Year!

By my rough calculation, the 2016 spring tax busy season for 2015 returns is about 5 percent longer than most years. Here’s how I got my number. First, the late, great Bill Morgan used to say that tax season started the day after the Super Bowl.  The “day after” this year was February 8, 2016. […]

IRS Releases its Annual “Dirty Dozen Tax Scams” List

The Internal Revenue Service completed yesterday the release of its annual “Dirty Dozen Tax Scams.”  Some are perennial chart toppers.  I list the Dirty Dozen in order of the IRS ranking. #1– Identity theft.  I agree.  Check out the “ Security. Together.”  on the irs.gov website for tips on protecting  your information. #2– Phone scams. […]

It’s Almost Valentine’s Day – I Have An Excuse!!

The Internal Revenue Code has about 3.7 million words. How many times is “love” mentioned in the Code?  Zero. How often does “romance” appear in the Code?  Not at all. Is “affection” ever used in the Code?  No. Where is the term “sweetheart” found in the Code?  Nowhere. So, the next time Ms. Maultsby questions […]

Mo Vaughn Strikes Out

Remember Mo Vaughn?  Big man and big hitter.  American League MVP in 1995 with the Red Sox.  Mo had his best year in 1996, when he hit for a .326 average, played in 161 games, with 44 home runs and 143 RBIs.  His recent case before the Sixth Circuit Court of Appeals is a cautionary […]

A Spurned Lover and His 1099

Mrs. Maultsby is a well-respected family law attorney.  She has seen a lot of strange cases in which love has gone sour.  I don’t think she has seen one quite like this. Lewis Burns and Diana Blagaich were involved in a romantic relationship from November 2009 until March 2011. When they started the relationship, he […]

2016 Standard Mileage Rates for Business, Medical and Moving Announced and are Down

Last week, the IRS announced the 2016 optional standard mileage rates for Business, Medical and Moving.  The rates are less than 2015.  The IRS conducts a study each year of the fixed and variable costs of operating a vehicle.  Surprise!  Gas costs have been down in 2015 from 2014 – way down.  According to the […]

Tax-Friendly and Not-Tax-Friendly States for Retirees

Kiplinger recently released its 2015 survey about states and their relative tax-friendliness to retirees. Of course, one quickly focuses on the absence or presence of a state income tax.  That is definitely a factor in determining the tax burden of living in a particular state.  However, there are other important tax considerations for retirees, including […]

Happy NEPAW!

Several years ago – before the estate tax exemption was raised to $5,120,000 for 2012 and increasing each year thereafter (so far) ($5,430,000 per individual in 2015), Congress designated the third week in October as National Estate Planning Awareness Week.  That equates to October 19th through October 25th in 2015. AccountingToday reports that only approximately […]

Some Ado about Little

Okay, it’s not the best rip-off of Shakespeare.  I thought about calling this blog “Be Careful What You Ask For.”  This installment addresses some proposed regulations that came out last week. Every year, we at HM&M may be perceived by some of our clients as harpies – shrieking, scolding and nagging about obtaining “contemporaneous written […]

HAPPY 80TH BIRTHDAY, SOCIAL SECURITY!

On August 14, 1935, President Franklin D. Roosevelt signed into law the Social Security Act. Today, Social Security provides benefits to about one in five U.S. residents, including retirees, people with disabilities, young children whose parents are deceased or disabled, widow(er)s and spouses. Without changes in Social Security, the system is projected to run out […]