tax court

By law, the department is not bound by my verbal … or written … advice

The Tax Court, in its TC Memo 2014-21 decision, held that, although the taxpayer had read appropriate publication and the taxpayer followed the rules within IRS Publication 590, that the taxpayer still owed tax on an accuracy related penalty on tax which was due from the transaction. The taxpayer a prominent tax lawyer sought reconsideration of the IRS' determination due to the inappropriate guidance taken within the IRS publication.  The court reminded the taxpayer that IRS publications are not considered authoritative guidance which may reduce penalties which are incurred. If you have an advanced situation which requires technical assistance, please ask [...]

2nd Quarter 2013 Updates – Home & Investment

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Home and Investments Couple couldn't deduct mortgage interest added to principal.  In a recent case involving a negative amortization loan, a couple was denied a mortgage interest deduction for the unpaid interest that was added to principal. [...]

July 30th, 2013|Personal Tax|Comments Off on 2nd Quarter 2013 Updates – Home & Investment
Go to Top