Good question. On average you have less than a one percent chance, as an individual, of being audited by the IRS. Don't get complacent though, that figure is only part of the story. Only when you crunch the numbers does a more nuanced...
Children are a blessing and a curse (and not the least bit cheap!). It is nice to know that the Internal Revenue Code at least acknowledges your pain and provides some tax benefits to make raising a child more affordable. Now if only the...
Give and you shall receive, as the saying goes. If you are considering a year-end gift of money or property to a worthy charity, here are some tips on maximizing your charitable tax deduction: Keep good records! Regardless of the amount...
Divorce is tough. No doubt about it. So avoiding more bad news is probably a good idea. While I can't make divorce any easier here are some tips on avoiding tax troubles in your divorce: 1. Filing a joint return in your final year of...
In Re Giacchi, on appeal to the District Court E.D. of Pennsylvania Good question. The answer can mean a great deal to a debtor trying to discharge a stale tax debt. Mr. Giacchi, hailing from Pennsylvania, sought out bankruptcy protection...
Beck v. Commissioner, T.C. Memo. 2015-149 Filed August 10, 2015. Certain states may have legalized medical marijuana but Federal law still lists it as a controlled substance. This means that medical marijuana dispensaries are still...
Two recent Tax Court opinions highlight the danger of ignoring the Internal Revenue Code 71 when handling spousal support issues. Christina Mehriary v. Commissioner, T.C. Memo 2015-126, issued July 9, 2015 Taxpayer tried to deduct the...
George Lawrence Starke v. Commissioner T.C. Summary Opinion 2015-40, Filed July 7, 2015 George Starke had an illustrious career in the NFL. During his time with the Redskins, he went to three Superbowls, including the Redskins 27-17 win...
In Devy v. Commissioner, T.C. Memo. 2015-110, a recent tax court opinion, Mr. Devy found out the hard way that his trust in his tax preparer, aptly named Tax Whiz, was misplaced. Tax Whiz prepared his return and claimed for him an...
With the recent disaster in Nepal people around the world are making donations to help the recovery effort. Sadly times like these draw scam artists who will form fake charities to take money from the unaware. If you are considering...
As a tax attorney I often hear the lament, "I can't file my taxes because I don't have the money!" Not having the money to pay your taxes is not great but IRS stormtroopers are not going to flood into your home to carry you off to some...
IRS notices are important. Inside the IRS lays out what it wants from you. Failure to open the letter means you may be giving up valuable rights. Don’t make this simple mistake – open the letter and read it!
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