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One of the highest priorities at the IRS is to protect taxpayer and tax preparer data as well as its systems. Starting in October, the IRS will strengthen the protection for e-services. As part of that...
IRS Definition of a Farm
IRC Section 2032A(e)(4): The term “farm” includes stock, dairy, poultry, fruit, furbearing animal, and truck farms, plantations, ranches, nurseries, ranges,...
This post provides a brief overview of computing the effective tax rate and how certain business deductions/credits can significantly reduce the Effective Tax Rate to maximize business tax incentives....
Owners technically do not receive a salary. They receive a distribution of profits. ------------------------------ Michael Jacobson ATA, ATP, CPTx, RSBA, JD email@example.com Custom Tax Service (773) 804-0944
Here is the wrinkle "An investor in a LLC gave my client $150,000 which he deposited in his personal bank account." Yet the TP clearly stated what the money was for. I would open up an interest bearing checking account and place the $150K in it and...
The wrinkle is that it was placed in the TP's personal checking account. Is there a paper trail bringing the funds into the corporation/LLC?
This is an example of letter vs. spirit of the law.
If a paper trail exists, you may have to justify...
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