Archive for the ‘Personal Tax’ Category

Time’s A Wastin’

Posted on December 29th, 2014 by by George Ashley

The clock is about to run out – but there may be just enough time remaining to enable you to save a few shekels from the grasp of Uncle Sam.  A few last minute reminders: Check your portfolio and consider taking those unrealized losses now.  And even if you like that stock or mutual fund, […]

If You Want to Deduct It, You Have to Pay It!

Posted on November 17th, 2014 by by George Ashley

            Such was the reminder emanating from the Tax Court in its recent decision in the Copeland case. Mr. and Mrs. Copeland are cash basis taxpayers – like most ordinary folk.  And also like many others in this era of unusually low interest rates, they refinanced their home mortgage in […]

2015 Tax Filing Season Looks Grim

Posted on November 11th, 2014 by by George Ashley

              That’s what the Commish recently said, echoed by the National Taxpayer Advocate. Koskinen predicts that nearly half the folks trying to reach IRS by phone, before next April 15 celebrations, probably won’t get through.  “Phone service (he uses the term loosely – ed.) could plummet to 53%,” quoth the Commish.  That would be […]

The Employee Versus Independent Contractor Game

Posted on October 20th, 2014 by by George Ashley

An age-old issue which seems to never go away. In an effort to bring “employers” out of the shadows, however, IRS has a deal for you.  It’s called the Voluntary Classification Settlement Program (VCSP) and may be just what the doctor ordered for your business despite the fact that the Treasury Inspector General for Tax […]

Tax Season Never Ends

Posted on October 13th, 2014 by by George Ashley

Although the final extension date for 2013 hits this week, prudent taxpayers are already planning for their 2014 tax bite, as year end approaches.  Following are a couple of observations which may be of interest. Remember that long-term capital gain income is favorably taxed in comparison to “ordinary” income.  The rate most folks recognize is […]

Just Tax Everything In Sight!

Posted on October 6th, 2014 by by admin

That seems to be the attitude of New York Mayor de Blasio, anyway, and who knows – could soon become the view of legislators in this part of the world, as the tax revenues they receive just never seem to be enough. So here comes de Blasio who likes the proposal to impose a property […]

Time Remains to Unravel That Roth IRA Conversion

Posted on September 29th, 2014 by by George Ashley

So you converted your “traditional” IRA to Roth IRA status in 2013 and now find, for any number of reasons, that you suffer from buyer’s remorse, and wish you hadn’t. Not to worry – if you act before October 15, you have the ability to unwind the transaction.  Instruct the custodian/trustee of the new Roth […]

IRS: No Sympathy for Clergy!

Posted on September 15th, 2014 by by George Ashley

Giving new meaning to the term “hard hearted,” the Revenooers and the Tax Court, itself, recently taught a pastor and his spouse a thing or two. Seems that in 1997, taxpayer Cortes helped found the Christian Fellowship of Seventh Day Adventists, and was appointed pastor, while the Mrs. became the secretary.  And a few years […]

Court Unimpressed With $11,000 IRA Deduction

Posted on September 2nd, 2014 by by George Ashley

The Tax Court recently slammed a married couple who thought their IRA deduction of $11,000 was entirely right and proper. Seems the Mrs. worked for an employer which made contributions on her behalf to a retirement plan.  Not uncommon.  But special rules regarding the deductibility of IRA contributions apply in such a case. Recall that […]

Unhappy With IRS “Service”? – Write Your Congressman!

Posted on August 28th, 2014 by by George Ashley

That’s the advice of IRS Commish John Koskinen. In his keynote address to a recent meeting of the National Society of Accountants, Koskinen whined that the biggest challenge facing the IRS is its attempt to implement tax provisions of the “Affordable Care Act” despite a cut in the agency’s budget by something like 7 percent. […]

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