Accounting & Tax Blog

“It’s déjà vu all over again!” -Yogi Berra

Last week, I was reading headnotes of just-released Tax Court cases and I ran across one that was eerily familiar.  Says I to myself:  “I have already blogged about this case.”  I reviewed my old ...

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 ...

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 ...

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 ...

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 ...

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 ...

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, ...

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 ...

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 ...

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 ...

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 ...

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 ...

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