I just published my new tax facebook page. It’s called Taxonomics and on it we will be discussing tax developments, tips and tax strategies to help folks get through tax season and beyond. Please visit and add to the discussion. Here’s the link: Bookmark & Share:
Tags: Facebook Tax Tip · Tax Tips · Taxes 101
Robert Flach announces his publication of a new newsletter for sole proprietors and single-member schedule C filers entitled, aptly enough, The Schedule C Letter: THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity on IRS Schedule C.¹ I have [...]
Tags: Business advice · C Corporations · S Corporations · Self-Employed Taxpayers · Tax Tips
Boy is this ever a serious problem. Joe Kristan has the story: Even when you get away with tax cheating for a long time, it can come back to bite you. If you are cheating in your business and your prospective buyer wants to see your tax returns, it can be awkward to explain that the [...]
Tags: Gross Income · Tax Tips
Paul Caron alerts us to a TIGTA report titled A Statistical Portrayal of the Taxpayer Advocate Service for Fiscal Years 2005 Through 2009 which states that taxpayer identity theft cases have increased nearly fivefold over the the last three years (emphasis is mine): Rising case receipts are presenting challenges for the Taxpayer Advocate Service (TAS) to timely resolve taxpayer problems. [...]
Tags: IRS procedure · Tax Tips
Joe Kristan tells of a recent Tax Court case (Gaffney v. Commissioner; T.C. Summ. Op. 2010-128) where the Court properly held that a 1099-C alone is insufficient to establish the taxability of debt cancellation income: The Tax Court pointed out that the IRS needs more than just a 1099-C to assess debt cancellation income: In support of [the IRS's] assertion that the [...]
Tags: Gross Income · Tax Tips
Eric Dunmyer writing for Law.com says there are five things every plaintiff’s lawyer needs to know about taxes: While tax law may seem dull and irrelevant to most attorneys’ day-to-day practice, in order to better serve their individual clients, plaintiffs attorneys should always keep the following five basic tax laws in mind, and advise their [...]
Tags: Tax Tips
Taxgirl Kelly Phillips Erb has been on top of the BP oil spill story like white on rice. Here’s her most recent post on the tax consequences to recipients of BP compensatory payments: Congressional leaders (while being slow to actually do anything about the spill) are taking their first steps towards economic relief for victims of [...]
Tags: Tax Tips
