When I was in college, Late Night With David Letterman, which was on NBC immediately after The Tonight Show With Johnny Carson, was must see TV. I know I am dating myself, but almost every weeknight my fraternity brothers and...
Recently, Joel Crouch wrote an excellent blog (link) about a taxpayer who prevailed over the IRS, which had argued that the taxpayer’s ranching business was not really a business. While it is great that the taxpayer was...
The U.S. Tax Court started off the year with a very nice win for taxpayers. In Wondries v. Commissioner, the court rejected the IRS’s disallowance of loss deductions under IRC Section 183 and held that the taxpayers...
*UPDATE* President Biden has signed into law the 2023 Consolidated Appropriations Act. The 4,000+ page Omnibus Spending Bill deploys $1.7T to fund government agencies and the Pentagon for the 2023 fiscal year ending...
The IRS will charge interest on any amount of tax ultimately due. For taxpayers wanting to stop the accrual of interest before the liability is paid, some or all of the proposed deficiency can be deposited or paid to the IRS...
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