Taxpayer Retains Right to Tax Refund Claims Despite Bankruptcy Discharge

Taxpayer Retains Right to Tax Refund Claims Despite Bankruptcy Discharge The bankruptcy-tax rules can present a number of opportunities. In Martin v. United States, Case No. 3:13-CV-03130 (C.D. Ill 2017), the court concludes that the taxpayers retained the right to …..

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Cease-and-Desist Order Not Sufficient Evidence for Bad Debt Deduction

Cease-and-Desist Order Not Sufficient Evidence for Bad Debt Deduction In Sensenig v. Commissioner,T.C. Memo. 2017-1, the court considers whether an investment fund is entitled to a bad debt deduction for cash-hungry start-up companies the fund had invested in when securities …..

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S Corporation Owner Subject to Self-Employment Tax

S Corporation Owner Subject to Self-Employment Tax Taxpayers often establish Subchapter S corporations to avoid Social Security and Medicare taxes on a portion of their earnings. This is a very common arrangement. In Fleischer v. Commissioner, T.C. Memo. 2016-238, the …..

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Using IRA Funds to Settle a Probate Dispute

IRA Funds to Settle a Probate Dispute Inherited IRAs can present a number of challenges. In Ozimkoski v. Commissioner, T.C. Memo. 2016-228, the court considered the tax implications of a withdraw from an inherited IRA that was used to settle …..

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Proof of Cash on Hand to Abate Failure to Pay Penalty

Proof of Cash on Hand to Abate Failure to Pay Penalty The failure to pay penalty is one of the most commonly assessed penalties. The penalty does not apply and can be abated or removed if the taxpayer can establish …..

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Continuation Theory: Collecting Taxes Owed by Prior Business

If a business has or expects to have a significant debt, it may transfer its assets and/or operations to a new business entity to try to avoid the debt. There are a number of non-tax cases where the courts have …..

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Getting Out of IRS Adjustments Agreed to on Audit

Taxpayers often regret agreeing to IRS audit adjustments. These agreements are not necessarily final when the paperwork is signed. The taxpayer typically still has time to change their mind. In Sandoval Lua v. United States, No. 2016-1313 (5th Cir. 2016), …..

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