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 ...
HM&M Accounting, Audit and Assurance, & Tax Blog
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 ...
This is a very long blog because it is an important, complicated and current topic! I am privileged to count among my clients some of the elite wealth advisers in the Dallas-Fort Worth area. I ...
Alright, the facts in the case are a bit more complex than a “poof.” But it got your attention for my at-least-annual reminder to obtain a contemporaneous written acknowledgment (“CWA”) from the donee for any ...
Every year, by law, the National Taxpayer Advocate, “an independent voice for the taxpayer within the IRS,” issues a report to Congress. For 15 years, the National Taxpayer Advocate has been Nina E. Olson. She ...
I was cleaning out my “blog topic” file this morning and readying for the new year. I found a note that I should send this link to my friends and readers. The IRS website is ...
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 ...
Warning: Take anything that I forecast with a grain of salt. Along with most of the civilized world, I predicted wrongly the outcome of the 2016 presidential election. Once I overcame the shock of the ...
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 ...
Of course, I watched the presidential debate on Monday night. It was great entertainment. Captivating reality TV. Better than “The Apprentice.” Better than “Naked and Afraid.” To me, the highlight of the show was Donald ...
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 ...
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 ...