HM&M Accounting, Audit and Assurance, & Tax Blog

Tax Strategy: Qualified Charitable Distributions

Almost everyone 70 ½ years of age or older must take (almost always) taxable required minimum distributions (RMDs) from traditional or inherited individual retirement accounts (IRAs). Individuals may distribute up to $100,000 tax-free from their ...

Tax Strategy: Bunching Itemized Deductions

Under the Tax Cuts and Jobs Act of 2017, an old strategy of “bunching” itemized deductions is new again. In the past (as recently as 2017), particularly in Texas, some people regularly paid two years ...

Bitcoin! (Now That I Have Your Attention, Let’s Talk Taxes)

Today, Carrie Reese authors our HM&M blog. I was raised by a Marine and a CPA. To put it lightly, following the rules was a BIG deal growing up. Naturally, when Bitcoin (the first virtual ...

OK, President Trump. Game On!

I was planning to pen a short note wishing all my clients, friends and readers a happy and prosperous 2018.  Plans change. On Thursday, December 28, President Trump told the New York Times that he ...

Making Laws and Sausages: Not A Pretty Sight

My Comments on December 4, 2017: A quote attributed to 19th century German Chancellor Otto von Bismarck crosses my mind frequently of late.  “Laws are like sausages.  You should never watch them being made.” He ...

IRS: The Nice Guys Once Again

About two weeks before the wildfires struck northern California, my wife and I spent a few days in Napa Valley.  We went to a stunning estate to celebrate the perfect nuptial ceremony featuring a beautiful ...

As Proud As I Can Be!

I have always been associated with outstanding professional women. My mother is a CPA.  My wife is an acclaimed family law attorney and former judge.  Our two daughters are accomplished licensed professionals with graduate degrees. ...

“Unified Framework for Fixing Our Broken Tax Code” – A Magical Mystery Tour

Last week the Trump administration and Republican Congressional leaders released the aforementioned “Unified Framework.”  After taking a tour through the magical, “giant, beautiful, massive” (according to the Exaggerator-in-Chief) tax-cutting Framework, I find that what is ...

The Tax Court Likes Hockey

Usually, the income tax deduction for meals and entertainment is equal to half the amounts spent for meals and entertainment.  There are some exceptions, one of which is where the meals are a de minimis ...

TurboTax Made Me Do It

Sometimes you should not do your own brain surgery.  Well, make that almost always.  Actually, I can’t think of an exception.  A recent Tax Court Memorandum reminds us of the perils of taking on complicated ...

Do-It Yourselfer Loses in Tax Court – Version 2.0

See Addition at the end of this blog and the italicized text in the blog. I am not very handy around the house.  In fact, you could say I’ve always been a klutz.  However, the ...

ONLY THE PINBALL WIZARD QUALIFIES

WARNING:  This blog has a reference that some may find politically insensitive.  If that might bother you, quit reading now.  If you are like 38% of our national electorate, keep reading. I listen regularly to ...

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