Archive for the ‘Uncategorized’ Category

SIMPLY TAXES Beware! Appraisal Required

Posted on March 21st, 2017 by by George Ashley

Using appreciated stock held over a year to fund a significant contribution to a public charity instead of cash can result in a “double play”. You can get the benefit of a deduction equal to the full fair market value of the shares and at the same time avoid paying capital gains tax on the […]

Foreign Financial Account Reports Due Soon!

Posted on June 21st, 2016 by by George Ashley

All deadlines have more or less equal implications, but some deadlines are more equal than others.  This one looms – no later than June 30 upcoming! By law, many U.S. folk with foreign accounts exceeding certain thresholds must file Form 114, “Report of Foreign Bank and Financial Accounts” (aka “FBAR”) electronically with the Treasury Department’s […]

No Surprise: Social Security Just Doesn’t Measure Up

Posted on June 13th, 2016 by by George Ashley

We’ve been preaching that note for decades – but some folk just don’t seem to get it, and refuse to look after their own savings needs, expecting they will be spending each summer on the Riviera.  It just doesn’t work that way. The Tax Foundation has a good recent report on the matter, which those […]

IRS Commish Heading For Early Retirement?

Posted on May 18th, 2016 by by George Ashley

Seems as if that’s pretty much how it’s looking – the House Judiciary Committee has scheduled hearings to examine alleged misconduct by Commish Koskinen, we hear.  On May 24 (just next week) the Judiciary Committee will hear the findings of the House Oversight and Government Reform Committee’s investigation of the Chief Revenooer! Congressman Jim Jordan […]

Celebrate Your Freedom!

Posted on May 3rd, 2016 by by George Ashley

Tax Freedom, that is!  You actually just achieved it about a week ago, according to the Tax Foundation.  “Tax Freedom Day” 2016 just passed – on April 24, or 114 days (not counting “Leap Day”) into the new year.  And indeed, “Freedom” comes one day earlier than last year! That’s the good news.  You will […]

IRS: No Deduction For Spiffy Duds!

Posted on March 7th, 2016 by by George Ashley

So you think the fact that you spend some big bucks on the clothes you wear to work – in order to impress your customers and others – is reason enough to have Uncle Sam subsidize your expenditure. Not so, say the Revenooers, as most recently expressed in the Tax Court case of Sofien Beltifa.  […]

Revenooers Reveal This Year’s “Dirty Dozen” Tax Scams

Posted on February 22nd, 2016 by by George Ashley

Always vigilant to the endless raft of tax shenanigans going on out there, IRS has released its latest list of favorites – warning taxpayers to be alert to the most egregious potential problems lurking. Identity theft – This is the biggie.  IRS continues to hunt down and prosecute the crooks filing false tax returns using […]

New Rule: IRS No Longer Hires Tax Cheats

Posted on February 17th, 2016 by by George Ashley

Comforting, isn’t it?  To learn that IRS has adopted policies that prohibit its employees who cheat on their own taxes to work for Uncle Sam! “I have no indication that anyone working for the IRS has not followed the updated procedures,” quoth Commish Koskinen in recent testimony before the Senate Finance Committee. Recall that a […]

Magnanimous Obama Proposes Retirement Savings Incentives

Posted on February 8th, 2016 by by George Ashley

REVENOOER RANTS – 2/8/16                Lest we be chastised for not giving credit where credit is due, we have to hand it to Obama for recently announcing much needed retirement incentives which will be included in his 2017 budget to be announced this week.  The simple fact is that, unlike the situation in our parents’ […]

Tax Court Reiterates Employee/Independent Contractor Distinction

Posted on January 20th, 2016 by by George Ashley

Seems like an issue which just won’t go away – the question of whether a worker bee is an employee, or an independent contractor.  Makes a big difference in how the bloke reports his expenses.  If he’s an employee, those expenses go on Schedule A as itemized deductions, and are likely to be subjected to […]

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