Retention of Tax Records

Retention of Tax Records You may have to produce those records if IRS (or a state or local taxing authority) audits your return or seeks to assess or ...
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Tax Court has upheld IRS’s rejection of a taxpayer’s offer-in-compromise (OIC)

No IRS abuse in rejecting offer-in-compromise where taxpayer had cash and receivables Strong, TC Memo 2016-70 The Tax Court has upheld IRS’s rejecti...
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When You can’t pay your tax liability

First and most importantly, don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. In...
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Jet service activity can’t claim losses

Jet service activity wasn’t for profit, so taxpayer can’t claim losses in excess of income Hoffmann, TC Memo 2016-69 The Tax Court has concluded t...
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Why an estimated tax checkup may be in order

Why an estimated tax checkup may be in order It’s not a major disaster if you owed some money when you filed your return—after all, you’d rather...
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Are you losing out by underestimating your bills?

The third Monday of January is supposed to be the most depressing day of the year. Whether you believe that or not, the long nights, cold weather and ...
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