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...
Category: Blog
Tax Court Starts Off The Year Allowing the Deduction of Significant Losses from a Cattle Ranch
January 17, 2023
By Joel N. Crouch, Blog
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: SECURE 2.0: What You Need to Know
January 4, 2023
By Jana L. Simons, Blog
*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 Compounding Interest Rate is 7%: Should You Make a Deposit or Advance Payment Now?
January 4, 2023
By Josh O. Ungerman, Blog
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...
To Rule or Not to Rule: IRS Updates for 2023 its No-Ruling Lists for Private Letter Rulings
January 3, 2023
Should you need either 100% tax certainty or the IRS to fix a past mistake, a private letter ruling may be the answer for you. There are areas, however, where the IRS will not issue a ruling. And for 2023, those areas have...