Reduced financing cost as a result of low interest rates has triggered a new boom in home refinance and purchase. This has led to an escalation in instances demanding tax preparer education about mort
Soon after the beginning of every new year, two events occur that are filled with much excitement for the participants – the Super Bowl and tax season. One is a test of sound preparation and trainin
A taxpayer walks into a tax practice and claims he incurred a loss due to a bad debt. This could be the first line of a joke, but it’s no laughing matter to a tax professional. The scenario triggers
Santos v. Commissioner, TC Summ. Op. 2011-108 (September 12, 2011)
Facts:
Ada Santos lived in Utah with her 30-year-old disabled adult son, Walter. Ada paid the mortgage, as well as the property tax
Iversen v. Commissioner, TC Memo 2012-19 (January 18, 2012)
Al Iverson appears to be the stereotypical salt-of-the-earth all-American “man’s-man” in the great Midwestern tradition. Raised on a
Chief Counsel Advice 2012-002
Jim forms a limited liability company (“LLC”) to which he contributes asset X with an adjusted basis of $10,000 and a fair market value of $20,000. The organizationa
Johnson v. United States, No. 8:98-cv-03050 (D.C. Md. 2012)
If you encounter a bear caught in a trap, poking it with a stick is not likely to do any good, and in fact will probably do nothing more th
Cases of individuals starting businesses seem to arise frequently in a weak economic environment, such as recent years. This results in more people having unfamiliar situations at tax time.
The mos
Tax preparers encounter problems every year with people who failed to communicate with their children about income tax. The kids grab their W-2s, file online for free and then get their withholding ba
IRS guidance about the tax treatment of cell phones provided by employers also applies to employer reimbursements for business use of personal cell phones. This news may have escaped last fall’s tax
