The taxpayers in Partyka v. Commissioner were victims of scammers who rented the Partyka’s furnished house and stole the furniture. While not a common occurrence, the case does discuss some common problems with substantiating loss deductions claimed for income taxes.
People give gifts for a variety of reasons, including tax planning, but letting the IRS know about the gift is not a natural follow-up to giving gifts. Most people don’t file a gift tax return if they believe they do
The images of destruction from Texas, Florida, Puerto Rico and the U.S. Virgin Islands have prompted many a generous soul to pull their phone out and text a donation to the Red Cross and Salvation Army, among others. Texting donations
Below is a link to an excellent, readable, short article on why it is important to answer all IRS notices by the date stated in the notice. http://taxprof.typepad.com/taxprof_blog/2017/09/contesting-tax-liability-in-a-collection-due-process-hearing.html The takeaway if that waiting means you can lose your ability to
Tax season is upon us and there are temptations all around to snip a little income off here, add a deduction there, and generally trim the tax bill. First, don’t listen to the advice that everyone is doing it, be
In a taxpayer-friendly move, the IRS fine-tuned its rules proposed in 2014, issuing final regulations that will help those holding after-tax money in their retirement plans to move it into Roth IRAs. The usual additions to traditional retirement accounts, such
Buried deep in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 is a short, but potent addition to §6501(e)(1)(B) of the Internal Revenue Code, clarifying that “An understatement of gross income by reason of an overstatement
As an estate and tax planner, we work hard to create a plan to save clients tax dollars. But sometimes, the worst enemy is not the IRS, but the client themselves. Mr. Webber is a highly successful investor and hedge-fund