ARTICLES

A recent Tax Court decision serves as a reminder that couples should carefully scrutinize tax considerations in connection with a divorce. In this case, David LaPoint, a professional baseball player, entered into a postnuptial agreement (David...

The U.S. Supreme Court has handed down its final verdict on whether the IRS will have six years to consider assessing additional taxes on the gain from a sale. And the taxpayer won. Normally, the IRS has three years after a taxpayer files a tax...

The IRS has concluded that a manufacturer was able to deduct chargeback reimbursements it made to its wholesalers and distributors.  The IRS said the manufacturer met the "all events test" and further concluded that the recurring-item...

Wedding season is right around the corner. So, newlyweds and soon-to-be married couples need to think about their taxes - yes, really! For those who are recently married and others planning their nuptials, taxes are probably not high on your list...

Well-known criminal defense attorney F. Lee Bailey recently represented himself in a case before the Tax Court. The court concluded, in a 143-page opinion (F. Lee Bailey v. Commissioner, T.C. Memo 2012-96, April 2, 2012), that Bailey: Failed to...

A recent Tax Court decision serves as a reminder that refundable deposits are not deductible as a business expense as long as the payor has a right to recover the deposit. The case (Ernest N. Zweifel v. Commissioner, T.C. Memo 2012-93, March 28,...

Parents' involvement in their children's activities is usually good. But they shouldn't expect the IRS to consider it a legitimate part of their business. Many parents support their children by attending concerts, plays, sporting events and other...

A recent ruling deals with a married couple who became victims of a Ponzi scheme by investing with a fund manager - not directly with the perpetrator of the fraud. The IRS ruled in 2009 that investors who lost money in Bernard Madoff's Ponzi scheme...

Now that you have filed your tax return, and before you put away your tax files for another year, it's a good idea to check your withholding for 2012 - especially if you expect a large refund or owe a lot of tax. Neither getting a big tax refund...

With the tax return deadline rapidly approaching, you still have time to make a 2011 contribution to an IRA. While you might choose to contribute to a Roth IRA because of the future tax savings available, a contribution to a traditional IRA may...

In a new revenue procedure, the IRS has issued the annual tables for the depreciation deductions available to owners of passenger automobiles, trucks and vans first placed in service during calendar year 2012. For passenger automobiles, the...

A recent decision of the Tax Court demonstrates a tax risk sometimes encountered by employees of enterprises that have the potential for becoming financially unstable. This case (Patrick J. Sheedy and Karen J. Sheedy v. Commissioner, T.C. Memo...