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Yearly Archives: 2015
If a Professional Prepares Your Return, Are You Exempt from the Accuracy-Related Penalty?
An attorney’s tax return had two major errors: $450,000 of gross receipts were left off the return and $505,417 of Contract Labor expenses were deducted as not only Contract Labor but also as Cost of Goods Sold. The return was … Continue reading
Not a Pigg or a Turkey of a Decision
Clarence Leland is an attorney in Mississippi. However, he bought a farm in Turkey, Texas. He entered into a crop share agreement with a Mr. Pigg. The farm didn’t make money, and Mr. Leland claimed the losses on his 2009 … Continue reading
Posted in Tax Court
Tagged Material.Participation, Passive.Activities
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Six Month Vacation Leads to Four and Eight Years at ClubFed
Everyone likes vacations. Last year, I went to New Zealand and Australia. Unfortunately, this year’s vacation wasn’t anything like that trip. An Oregon couple has learned that some vacations are better off not taken. As I previously wrote, Ronald and … Continue reading
Posted in Oregon, Tax Evasion
1 Comment
NY Judge Rules Against DFS Sites
New York Judge Manuel Mendez granted the New York State Attorney General a preliminary injunction that bans DraftKings and FanDuel from operating in New York. Both sites will appeal, but for now daily fantasy sports (DFS) is gone from the … Continue reading
Yet Another Reason Why Requiring Tax Professionals to Obtain a License Won’t Stop Tax Professionals from Behaving Badly
In California, everyone who prepares a tax return for money must have a license. Individuals must either be an Enrolled Agent, a CPA, an attorney, or obtain a license from the California Tax Education Council. Of course, that means that … Continue reading
Third Party Transcript Requests Reportedly Will No Longer be Processed by the IRS
Form 4506-T allows a third-party to obtain a transcript with your signed permission. One use of the form has been to obtain a tax return transcript when obtaining a mortgage. There have been reports that some individuals who completed this … Continue reading
My Love/Hate Relationship with the FTB
For those who don’t know, I used to reside in California. I prepare more California tax returns than any other state’s returns (though it is no longer a majority–or even close to a majority–of my clients). I have a lot … Continue reading
Nominations Due for 2015 Tax Offender of the Year
With just about one month left in 2015, it’s time for a reminder to submit nominations for the 2015 Tax Offender of the Year. To be considered for the Tax Offender of the Year award, the individual (or organization) must … Continue reading
De Minimis Rule Change Is Better than I First Thought
My flight home last night was delayed, so I got the chance to read the IRS’s new de minimis rule for small businesses allowing expensing of items costing $2,500 or less. Normally when you read something that’s from the IRS, … Continue reading
The 14th Time Wasn’t the Charm
For most of us the saying “If you don’t succeed at first, try, try again,” is good advice. However, it’s not good to try to deduct personal expenses as business expenses on your tax return. It’s an especially bad idea … Continue reading
Posted in Tax Court
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