subMenu
Archive by Month
Navigating the Deferred Like-Kind Exchange Rules
By on April 26, 2016
Are you interested in obtaining §1031 like-kind exchange treatment upon disposition of a property but have not located suitable replacement property? You may be able to qualify for deferred exchange treatment under Reg. §1.1031(k)-1 but the Regulations will keep you on a very short leash.
Think You're Too Wealthy for a ROTH IRA? Think Again.
By on April 22, 2016
Excluding pensions and defined benefit retirement plans, there are two basic schemes for retirement accounts: one in which dollars are contributed pre-tax, grow tax deferred and are subject to income tax on withdrawal, and the other, where dollars are contributed after-tax, grow tax free and are not subject to tax upon withdrawal.
Captive Insurance and the 5th Amendment
By on April 21, 2016
An IRS summons enforcement recommendation was issued by a federal magistrate judge in Massachusetts on April 19th, where the summonsed witness appeared as required, but asserted his 5th Amendment privilege against self-incrimination in response to questions by the IRS. The case has a couple of interesting issues.
Does a Long-Term Relationship Indicate a Taxpayer's Reliance on a Tax Preparer was Reasonable?
By on April 18, 2016
Yes, in Vandenbosch v. Commissioner, the Tax Court listed the taxpayers' long-term relationship with their tax preparer as one of the facts supporting its decision that the taxpayer acted with reasonable cause.
Supreme Court Limits the Government's Ability to Freeze Untainted Funds Pre-Conviction
By on April 5, 2016
On March 30, 2016, in Luis v. United States, the Supreme Court issued an opinion that could have far reaching effects on both asset forfeiture law and a criminal defendant's ability to hire counsel in fraud cases. The Court concluded that the pretrial restraint of legitimate, untainted assets needed to retain counsel violates the Sixth Amendment.