IRS Concedes Gift Tax Fight It Can’t Win

July 25, 2011

The IRS prefers to fight battles it thinks it can win. The argument about gift taxes to nonprofit advocacy groups is not one of them.

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IRS Fixes A Tax Court Slip-Up

October 25, 2010

Tax laws are seldom models of clarity. Sometimes they are more garbled than a software manual that has been computer-translated from Malay to English. Occasionally, however, the law is pretty clear, but the interpretation gets twisted. Every professional tax adviser runs across this situation. A client may find an article on the Internet that says he can avoid taxes by putting all his assets in a trust, establishing a new …

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Calling For Common Sense On Cell Phone Taxes

October 11, 2010

We have more than 20 employees here at Palisades Hudson, each of whom has a telephone on his or her desk and a life outside the office. If someone makes a personal phone call to check on the kids or to find out what to bring home for dinner, I don’t care. Neither does the Internal Revenue Service. Even though an employee may personally benefit from using that company-provided phone, …

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Confessions of a Tax Preparer

March 18, 2010

In addition to preparing and reviewing tax returns for our clients, I also help some friends and family members with their taxes. Some of them have W-2s, some of them have small businesses and have to file a Schedule C, some of them have investment portfolios, but the one thing they all have in common is that they sure do appreciate my help. I don’t ask for anything in return …

Accepting Inconvenience For Safety

January 25, 2010

Nobody likes going through airport security, but nobody wants the security measures to disappear, either. That’s pretty much how I feel about a new round of government regulations that affect investment advisers and tax return preparers. The new rules will make my life more difficult, and they may contain some contradictions and gaps that will cause headaches for people in my line of work. On the other hand, if the …

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