Nearly two years ago, Khalid Quran, a convenience store owner in North Carolina, obtained an unwanted firsthand account of the power that the IRS has when seizing funds that it suspects were deposited and/or withdrawn in...
I had a good friend send me the attached letter (here) that one of his clients received from the “IRS”. The letter is a hoax and another attempt by scammers to take money from people. I called the number...
Earlier this month, the Fifth Circuit Court of Appeals had occasion to decide the applicability of the “self-rental rule” in Treas. Reg. § 1.469-2(f)(6) in the context of a Subchapter S corporation renting commercial...
In the right circumstances, a taxpayer may be able to significantly reduce his/her federal income tax liability from the sale of his/her business by establishing that the buyer separately bargained for the purchase of that...
The IRS issued Notice 2016-19 (here), effective February 11, 2016. The notice extends the filing deadline for the new Form 8971 to March 31, 2016. As discussed in last week’s post, Form 8971 implements basis...
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