There are many tax and social benefits to gifting a conservation easement. Unfortunately, some taxpa...
Real Estate Professional – Maintaining Adequate Records
Doing well in a full time job is hard enough, but some people, for many reasons, spend significant t...
Substantiating Business Expenses in Audits – Step Two: Proving a “Trade or Business” Incurred the Business Expenses
Substantiating business expenses is a common problem for many businesses going through an audit with...
Relief for Businesses Using Independent Contractors: Section 530 is Still a Viable Option
This is the first article in a series dedicated to using Section 530 of the Revenue Act of 1978 as p...
Valuations Misstatements and the IRS Accuracy Penalty (IRC Section 6664(c))
I have been watching the tax cases dealing with building facade easements for insight into how the I...
IRS Statute of Limitations on Assessment for Individual Income Taxes: Exceptions and Considerations
Taxpayers and representatives often ask us: how long does the IRS have to make changes to an individ...
Can I Recover Income Tax Refunds When I File My Returns Late?
Many individuals and businesses fail to file their income tax returns for multiple years for a varie...
IRS Audits: The Administrative Summons and Defending Against the Administrative Summons
One of the most critical issues a taxpayer can face during an IRS audit is deciding what information...
Substantiating Business Expenses in Audits – Step One: Providing the Documents
Substantiating business expenses is a common problem for many businesses going through an audit with...
Rental Real Estate Activities – Passive Loss Limitations
Purchasing and renting real estate can be profitable. It can also generate significant tax benefits....
Contributing a Lake Home to a Fire Department
In Scharf v. Comm’r 32 T.C. Memo 1247 (1973) acq, in result, 1974 WL 36031, the United States Tax ...
Historic Preservation Conservation Easements – A Good Tax Shelter?
In the early 1980s, there was an almost endless supply of tax shelters promising deductions and cred...
Debt Forgiveness
Reducing or Eliminating the Tax Impact of the Forgiven Debt What are the tax implications when someo...
Change in Method of Accounting
One of the many decisions a business owner must make during the first year of operating is what acco...
Interest Netting: One of the Easily Overlooked Differneces Between the Federal and State Tax Codes
Minnesota laws do not always provide for the same tax treatment that is provided under federal law. ...