Category: Taxes
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How to be a millionaire and not pay any taxes
Some may not remember that Steve Martin was once one of our nation’s best known tax advisers. This in addition to his accomplishments as a actor, comedian, writer, filmmaker, and musician. The year: 1978. The show: Saturday Night Live. The skit: You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say..…
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A primer on the China tariffs
What do you need to know as a consumer about about the China trade tariffs that starts today? This is a short bullet point summary. Legal background Tariffs are taxes authorized under Title 19 of U.S Code in 1930. The tax is based on Constitutional authority “The Congress shall have Power To lay and collect…
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Exercise caution when changing your state of residence
Changing residence is an important legal issue with financial consequences. It can also be complex in some situations. I suggest giving this matter the attention it deserves in both your personal and business financial planning. Tax issues If you are moving from a higher tax state to a lower tax state be aware of the…
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Tax lessons about statute of limitations
The recently issued court opinion in Finnegan v. Commissioner, No. 17-10676 (11th Cir. 2019) emphasizes two points for taxpayers: Intentional fraud by the tax preparer can extend and hold open the statute of limitations. If a taxpayer wants to make an argument about statute of limitations, it should be raised at tax court, not in…
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What to do if you didn’t get a tax cut
What if you work in “any trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of 1 or more of…
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Ten million people with tax debt can still move forward with a normal financial and personal life
Millions of Americans are saddled with tax debt that prevents them from moving financially. That financial struggle impacts other aspects of life including mental and physical health and relationships. I’ve observed that the key to resolving these problems – even when they seem insurmountable in the beginning – is to establish a supportive professional relationship…
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Our broken tax system
This isn’t the type of tax blog post that I normally write. But after decades of writing and over 2,000 tax-related posts, columns and other publications, I sense that our tax system is spinning out of control, pulling our nation into a death spiral. It is time to speak out. Almost three decades ago I…
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Tax preparers in trouble with IRS
How do tax preparers get into trouble with the IRS? In 2018 the Office of Professional Responsibility, under the Internal Revenue Service, investigated over 2,600 cases of tax preparer misconduct. According to the Office’s latest report, the three most common problems were: Claiming false credentials on Form 2848 (Power of Attorney) or using that power…