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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Tax Relief Available to Victims of Hurricane Ida

Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Tax Relief Available to Victims of Hurricane Ida

Tax Relief Available to Victims of Hurricane Ida Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently this includes the entire…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and A Few Retirement Facts (1.21)

A Few Retirement Facts (1.21)

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses a few retirement facts with a helpful chart. A Few Retirement Facts Most private-sector retirement vehicles are either Individual Retirement Arrangements (IRAs), defined contribution plans, or defined benefit plans. People tend to think of an IRA as something that individuals establish on their own, but an employer can…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Looking for an Easy and Low-Cost Retirement Plan? Why not consider a SEP?

Looking for an Easy and Low-Cost Retirement Plan? Why not consider a SEP?

Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. Why Not Consider A SEP? Under a SEP, an employer contributes directly to traditional individual retirement accounts (SEP-IRAs) for all employees (including themselves). A SEP is easier to set up and…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and an IRS Lien Has Priority over Homeowner's Association Lien

IRS Lien Has Priority over Homeowner's Association Lien

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses when an IRS Lien Has Priority over a Homeowner’s Association Lien. US Ninth Circuit Court of Appeals In Shirehampton Drive Trust v. Department of Treasury, 2020 PTC 347 (9th Circuit 2020), the Ninth Circuit affirmed a district court and held that IRS tax liens placed on a delinquent taxpayer’s condominium have priority over…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Deduction Limitation for Certain Employee Compensation

Deduction Limitation for Certain Employee Compensation

In Treasury Decision 9932, the IRS issued final regulations under Code Section 162(m) which, for federal income tax purposes, limits the deduction for certain employee remuneration in excess of $1,000,000 paid by publicly held corporations. Treasury Decision 1932 Internal Revenue Code 162(m) The final regulations implement the amendments made to Code Section 162(m) by the Tax Cuts and Jobs Act…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Tax Court's Disallowed Medical Cannabis Dispensary's Claimed Deductions

Tax Court's Disallowed Medical Cannabis Dispensary's Claimed Deductions

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the Tax Court’s Disallowed Medical Cannabis Dispensary’s Claimed Deductions. United States Tax Court In San Jose Wellness v. Commissioner 156 T.C. No. 4 (2021) the Tax Court held that the IRS properly disallowed a medical cannabis dispensary’s claimed deductions for depreciation and charitable contributions under Code Sec.…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Estate Owes $6.4 Million for Decedent's Failure to File FBARs

Estate Owes $6.4 Million for Decedent's Failure to File FBARs

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses when an Estate Owes $6.4 Million for Decedent’s Failure to File FBARs. United States District Court Middle District of Florida In U.S. v. Est. of Danielson 2020 PTC 352 M.D. Fla. 2020, a district court granted the government’s request for a default judgment against a decedent’s estate for civil penalties and fees of more…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Tax Court Denies Attorney's Deductions for Lodging and Travel Expenses

Tax Court Denies Attorney's Deductions for Lodging and Travel Expenses

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the Tax Court case Soboyede v. Commissioner T.C. Summary 2021-3 and the Denial of an Attorney’s Deductions for Lodging and Travel Expenses. United States Tax Court Tax Home The Tax Court held that an attorney who split his practice between Minnesota and the Washington, D.C., area was not entitled to deduct his lodging…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Tax Court Holds Certain Purchases Using Credit Card Rewards Taxable

Tax Court Holds Certain Purchases Using Credit Card Rewards Taxable

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the Tax Court case Anikeev v. Commissioner, Tax Court Memorandum 2021-23. United States Tax Court The Tax Court held that a couple who acquired rewards from American Express equal to 5 percent of their purchases of: prepaid Visa gift cards, money orders, and reloadable debit cards, All were paid to them in the form of…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Inventor Not Entitled to Capital Gain Treatment Transfer of Patent Rights

Inventor Not Entitled to Capital Gain Treatment Transfer of Patent Rights

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses an Inventor who is Not Entitled to Capital Gain Treatment Transfer of Patent Rights. U.S. Tax Court In Filler v. Comm’r, T.C. Memo. 2021-6, the Tax Court held that a taxpayer, who is a highly educated doctor, lawyer, professor, and inventor, was not entitled to Code Sec. 1235 treatment on his receipt of $100,000 of income…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Final IRS Regulations on Like Kind Exchanges that Clarifies the Definition of Real Property

Final IRS Regulations on Like Kind Exchanges that Clarifies the Definition of Real Property

Another change enacted by Tax Cut and Jobs Act was the narrowing of the like kind exchange rules under Code Section 1031. Final IRS Regulations on Like Kind Exchanges that Clarifies the Definition of Real Property Code Section 1031(a) provides that, after 2017, no gain or loss is recognized on the exchange of real property held for productive use in a trade or business or for investment if the…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Fourth Circuit Affirming the Denial of a Charitable Deduction for a Home

Fourth Circuit Affirming the Denial of a Charitable Deduction for a Home

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the Denial of a Charitable Deduction for Donating a Home. Mann v. U.S., 2021 PTC 5 (2021) The Fourth Circuit affirmed in Mann v. U.S., 2021 PTC 5 (2021) a district court’s denial of a married couple’s charitable donation of a house, and the personal property in it, to a charitable organization that provides job training to…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Reversing the Tax Court, Third Circuit Holds That IRS Did Not Send Notice to Taxpayer's Last Known Address

Reversing the Tax Court, Third Circuit Holds That IRS Did Not Send Notice to Taxpayer's Last Known Address

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the Tax Court reversal by the the Third Circuit. The Third Circuit held that the IRS Did Not Send Notice to Taxpayer’s Last Known Address. Gregory v. Comm’r, 2020 PTC 393 (3d Cir. 2020 Gregory v. Comm’r, 2020 PTC 393 (3d Cir. 2020) The Third Circuit vacated a ruling in Gregory v. Commissioner, 2020 PTC 393 (3d Circuit…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and an Uber Driver Taxed on Amounts Earned by Others Driving Under His Account

Uber Driver Taxed on Amounts Earned by Others Driving Under His Account

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses when an Uber Driver is Taxed on Amounts Earned by Others Driving Under His Account. Nurumbi v. Comm’r, T.C. Memo. 2021-79 Internal Revenue Code 61 In Nurumbi v. Comm’r, T.C. Memo. 2021-79, the Tax Court held that a taxpayer who earned income by driving for Uber and by having others drive for Uber under his account had…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and the Tax Court Addresses Basis Reduction Rules When Investment Property Debt Is Discharged

Tax Court Addresses Basis Reduction Rules When Investment Property Debt Is Discharged

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses the ruling by the Tax Court relating to Basis Reduction Rules When Investment Property Debt Is Discharged. Hussey v. Comm’r, 156 T.C. No. 12 (2021) Code Sec. 108(a)(1)(D) The Tax Court held that a taxpayer who sold investment properties in the same year he received a discharge of indebtedness for the properties from the…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and Educational Activities Do Not Count in Determining Status as Real Estate Professional

Educational Activities Do Not Count in Determining Status as Real Estate Professional

The Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses when Educational Activities Do Not Count in Determining Status as Real Estate Professional. Educational Activities Do Not Count in Determining Status as Real Estate Professional In Johnson v. U.S., 2021 PTC 182 (9th Circuit 2021), the Ninth Circuit affirmed a district court’s holding that a married couple was not entitled to…

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Daily Tax Tip Spotify Podcast and/or WordPress Blog Post and when the Taxpayer Cannot Use Google Maps to Substantiate Miles Traveled

Taxpayer Cannot Use Google Maps to Substantiate Miles Traveled

This Daily Tax Tip Spotify Podcast and/or WordPress Blog Post discusses when a Taxpayer Cannot Use Google Maps to Substantiate Miles Traveled. Taxpayer Cannot Use Google Maps to Substantiate Miles Traveled IRC 274 In Geiman v. Commissioner, Tax Court Memorandum 2021-80, the Tax Court disallowed most of a taxpayer’s travel expense deductions because the taxpayer did not meet the heightened…

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