TAX COURT CASE ON MINGLING IRA ASSETS

Tax court case on mingling IRA assets. The Tax Court found for the IRS that Donna McNulty had physical possession of gold coins, that were purchased by her IRA, which caused tax taxable distribution from the IRA. In 2015, McNulty purchased IRA services through the website of Check Book IRA by which she established a […]

IRS AMNESTY AND TAX EVASION

IRS Amnesty and Tax Evasion questions are posed to us now and then, along with both business owners and individuals looking for options for dealing with a tax debt. The first thing we usually need to know is, do you have any unfilled tax returns ?  Being in compliance (filling all required tax returns), is […]

HOSPITALS PAID CEOS MILLIONS FROM BAILOUT

Hospitals paid CEOS millions from bailout. HCA Healthcare is one of the world’s wealthiest hospital chains. It earned more than $7 billion in profits over the past two years. It is worth $36 billion. It paid its chief executive $26 million in 2019. But as the Coronavirus swept the country, employees at HCA repeatedly complained […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (the […]

SUPREME COURT TRUST TAX CASE

Supreme Court trust tax case. In our ongoing coverage of cases related to Tax Court, this case highlights revolving around a North Caroline trust tax case. North Carolina cannot tax a trust when the trust’s only connection to the state is the residency of a beneficiary, the U.S. Supreme Court held in a unanimous decision […]

IRS CLARIFIES NEW QUALIFIED EQUITY GRANTS

IRS clarifies new qualified equity grants. In response to requests from taxpayers and employers, the IRS issued Notice 2018-97 to provide initial guidance on new Sec. 83(i), which was added to the Code by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. Sec. 83(i) permits eligible private company employees to elect […]

HERE’S A BETTER WAY TO TAX THE RICH

Here’s a better way to tax the rich. Ocasio-Cortez’s recent proposal to create a 70% tax bracket on income over $10 million will not become law anytime soon due to Republican opposition. But the proposal, which would only affect fewer than one in every 1,000 households, has sparked a long overdue discussion about taxing the […]

TAX SEASON WILL BE A MESS

Tax season will be a mess. It was going to be a mess even before the government shutdown happened. Now it’s going to be an even bigger mess. Will you get a tax refund this year ? Or any refund ? The government shutdown is over (for now) and IRS workers are back on the […]

IRS FUNCTIONS CLOSED IN SHUTDOWN

IRS functions closed in shutdown. Those that are not vital to National Security or anything that would endanger the life or safety of any individual. Funding for many government agencies has expired due to the protracted fight between President Trump and Congress, and it doesn’t look like it’s going to end anytime soon. The IRS […]

AMERICANS MOVING DUE TO TAXES

Americans moving due to taxes. is increasing here in the U.S., due to increased taxes, at both the national, city, and state level. Yet most do very little planning to determine the implications of moving to a foreign country, the new tax laws of that country, and the tax laws that apply to an ex […]