Sunday, March 27, 2022

Can $2 Million Be An Honest Mistake?

›
  It is a good idea to look over your tax return before hitting the “Send” button. Why? Because things happen. Some prep software approxim...
Sunday, March 20, 2022

IRS Wants Near $9 Million Penalty From A Holocaust Survivor

›
  I’ll tell you what caught my eye: This is a tax case in which the Government alleges that Defendant Walter Schik, a Holocaust survivor, ...
Monday, March 14, 2022

Are Minimum Required Distribution Rules Changing Again?

›
I wonder what is going on at the IRS when it comes to IRA minimum required distributions. You may recall that prior law allowed for someth...
Monday, March 7, 2022

Taxing Foreign Investment In U.S. Real Estate

›
One of the Ps buzzed me about a dividend item on a year-end brokers’ statement. P:       “What is a Section 897 gain?” CTG: It has to d...
Monday, February 28, 2022

Overcontributing To Your 401(k)

›
  One of the accountants had a question for me: A:                I added up the W-2s, but the wages per the software does not agree to my...
Sunday, February 20, 2022

Reporting Income Below A 1099 Filing Requirement

›
  I am looking at a case that reminded me of a very recent telephone call with a client. Let’s talk about the client first. It is tax se...
Sunday, February 6, 2022

Taxpayer Wins Refund Despite Using Wrong Form

›
Let’s look at a case that comes out of Cincinnati. E. John Rewwer (Rewwer) had a professional practice which he reported on Schedule C (pr...