On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known ...
Category Archive: Accounting
Consider the human lifecycle. No two are exactly alike. We can, however, credit the IRS for imposing at least one trait that unifies us all. That is the expectation that we taxpayers must boil down ...
Ring ring, ring ring…. have you ever been asked why aren’t you picking up your phone? Well, in my case it’s because the phone number from which I’m receiving the “call” appears to be following ...
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. ...
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 ...
On occasion, I am asked if a taxpayer can deduct the costs of graduate education. I consulted with a client about deducting the costs of his MBA as recently as a month ago. I confidently ...
WARNING: Do not try the following strategy unless, at least: -Your daddy built a big company that exports products -You have the nerve to battle the IRS for many years -You have creative and careful ...
I remember when Individual Retirement Accounts (“IRAs”) were first established in 1974. (Yep, I’m no spring chicken.) At first, these tax-deferred IRAs were restricted to those workers who were not already covered by a qualified ...
An accountant looks at your shoes when he talks to you. An actuary looks at his own shoes when he talks to you. There is a difference between an actuary and a mathematician, too. This ...
Some of the most draconian financial penalties levied by the U.S. Treasury are associated with the Foreign Bank and Financial Accounts Report (“FBAR”). This report is made on FinCEN Form 114 by U.S. persons having ...
Today, the IRS issued Announcement 2016-25: Tax Treatment of Payments made on Behalf of or Reimbursements Received by Residents Affected by the Southern California Gas Company Natural Gas Leak. Let’s refresh our memories. The Aliso ...
I agree with the IRS’ and Tax Court’s interpretation of the law, but Mr. Udeobong sure paid through the nose – twice, to be exact. I’ll save you the gory details. In fact, they might ...