Today, the IRS released on its website a “Sharing Economy Tax Center” (“SETC”). The IRS cautions therein that if you receive income from a sharing economy activity, you’ve got income that should be reported on ...
Category Archive: Tax
This quick analysis is subject to change and is possibly accurate as of August 15, 2016. If there is anything wrong with it, there are a few possible reasons. For example, the blog may have ...
Carrie Reese, CPA, guest blogs today while I am lounging in Northern Michigan on the shores of Grand Traverse Bay. Carrie is a valued member of our tax department, an up-and-coming leader in the Dallas ...
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 ...
That’s not an unusual question. The exchange continues often like this. Vance: Do you have contemporaneous records that document (1) the amount of the expense; (2) the time and place of the travel or use; ...
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 ...
Professor Emeritus Lawrence M. Aleamoni is a psychometrician. I am not exactly sure what that means, but I assure you that it does not mean “tax expert.” Actually, it seems that one may not have ...
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 ...
Bear with me, please. I am not usually a conspiracy theorist, but I may be on to something. There could be a plot afoot in which President Obama pulls a fast one to undermine Ted ...
Some of my confusion may come from the fact that I am following my spring busy season sleepless pattern. Does the following make any sense to you? At 3:11 p.m. yesterday I received an “IRS ...
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 ...