Yesterday afternoon, the U.S. Treasury and the Internal Revenue Service (IRS) published a 169-page document setting forth a second round of proposed regulations regarding the new Qualified Opportunity Fund (“QOF”) investment vehicle. Generally, these new ...
Category Archive: Finance
Do you make charitable contributions? If so, read on. We may be able to help you cut the costs of charitable giving – or increase the size of your contributions without costing any more in ...
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 ...
Huselton, Morgan & Maultsby colleagues, don’t become giddy. My retirement is still a few years away. However, I am approaching a traditionally epochal birthday, so my thoughts turn to the next chapter of my life. ...
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 ...
I always tell my clients to keep good records. Often, I tell them again and again annoyingly. It is my experience, and I daresay the experience of most other tax practitioners, that a taxpayer’s failure ...
I ended my last blog with a quote attributed to the late Senator Everett Dirksen: “A billion here, a billion there, pretty soon you’re talking real money.” How about: “a trillion here, a trillion there ...
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 ...
I’ve blogged about hobby losses a few times. Section 183 of the Internal Revenue Code generally disallows business tax deductions for activities “not engaged in for profit” – hobbies. The regulations under Section 183 provide ...
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 ...